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Question

We are a family of four; three sisters and a brother. Our brother was chose the executor of our parents' will. Does he have the legal right to trade stocks for one sister's share of the property without the other two sisters agreeing and does he have the legal right to say he owns 50% now and to buy us out at below appraisal? does he have a legal right to write a warranty deed to sell out to all for just $10? Can you send us copies of the law on what you can do on joint property AFTER probate? Can you answer us now so we can talk to my brother on Saturday?

Edited by XXXXX X XXXXXXX on 4/19/2007 at 12:02 AM

Submitted: 949 days and 7 hours ago.
Category: Legal
Value: $30
Status: CLOSED
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Posted by Ed Johnson 949 days and 7 hours ago.

Answer

Dear Lanny,

In this situation, I recommend that you request a formal probate from the probate court. That is what the probate is for, to help determine the rightful distribution of proeprty from the estate. Most probates are informal, with no hearings. They include a filing of the will and certain other adminstraive proceedings.

If there is a dispute such as this, a formal probate is called for.

There are specific laws for every state that govern successorship to property. By will or by law.

The sequenced is something like this.

1. The will determines who gets what property. in the absence of a will, then tenancy of the deed

2. If there is no tenancy of the deed, then generally, by law means the legal right ot successor ship. In most states, it is:

a. Spouse gets it all or spouse gets half the property with the remainder divided between surviving children.

b. If there is no surviving spouse, by law usually means then divided between the surviving children equally, and then the balance between siblings, etc.

It really depends on state law. Making deals outside the by law or by will is exceeding his authority. As part of the probate, you can even ask for a new executor.

949 days and 6 hours ago.

Reply

Reply to Ed Johnson's Post: We should have told you that the will has been read and gone thru probate already. what we're asking is does he have the legal right to buy out a % of one of the other joint-heirs whithout everybody agreeing to it. Also,does he have the legal right to draw up a warranty deed to buy out the joint-heirs for less than we agreeed on without asking the rest of us? Does Texas have some laws in writing that we can get a copy of in this matter?

Accepted Answer

Dear lanny,

Thank you for the additonal information.

1. You can still ask for probate to have another hearing.

2. In this case he is self-dealing. It is not legal to self-deal from a position as executor. It represents a conflict of interest.

3. outside of that, there is nothing wrong with him agreeing to buy out someone elses share with or without permission of the others.

For example, if three people are jointn tenents of property, they all three have equal access to the property, represented as 1/3 interest. One of them can sell his or her share to whom ever they want, for what ever price they want.

Now this can be an issue, if the person, in this case the executor is offering and making a deal to buy someone's share at a low price. It serves to devalue the property, and you have become injured.

You can file a temporar injuction against the sale of any of the assets until after the inheritance is made or until terms for selling the property can be resolved.

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Expert: Ed Johnson
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Accepts: 
Answered: 4/19/2007

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GPHR cer BS, U.S.C. Pueblo; Immigration Law by Am. Mngmnt Association & USCIS Bus. Liaison ofc 1999

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