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Richard, Attorney
Category: Estate Law
Satisfied Customers: 53671
Experience:  29 years of experience practicing law, including tax and estate planning.
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My husband is the executor over my Dad's estate. Everyone

Customer Question

My husband is the executor over my Dad's estate. Everyone has gotten material things designated to them in the will. However, my Dad passed in 2010 and the home remains unsold. The home is valued at around 43 000.00 and there is a life policy valued at 30,000.00.
The home needs lots of work so it cannot be sold except to a cash buyer or conventional loan. No one that has looked at the home has been able to get a loan. The life insurance money is being used the power bill, the property taxes and lawn care and termite bond on the home.
We just have to wait until the home sells before we can do anything.
What else can he do. The siblings want their money for the sale of the house and life ins money. We aren't talking about muchone here to be split 4 ways. It is not available until the house sells and money is coming from the life ins to keep the house up.
What else can he do.
Submitted: 3 months ago.
Category: Estate Law
Expert:  Richard replied 3 months ago.

Hi Tammy. My name is ***** ***** I look forward to helping you. It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 3 months ago.

He doesn't have to continue to hold this asset in the estate until it sells. Rather, what he should o since the siblings want things distributed is to transfer title to the property to the siblings in their undivided percentage interests. He would do this by signing a quit claim deed as executor of the estate. The deed would then need to be witnessed and notarize and recorded in the real property records. Then, each sibling would be obligated to pay their share of the costs of the house. If any of the siblings didn't want their share of the house given the problems, they could sign an Affidavit of Disclaimer of Inheritance.

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