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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 42302
Experience:  Texas lawyer for 30 years in Estate law
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My father's estate is to be distributed by four siblings

Customer Question

my father's estate is to be distributed by four siblings equally. three siblings want to keep the house on long island, ny for when one of the grandchildren or one of the three siblings will be able to finance the purchase of the house. the fourth sibling wants to end all family ties, and would like to have the will executed (sell house). the three siblings are willing to share the carrying cost in the interim.
question is, can the three siblings settle/buy out the fourth sibling, without selling house.
Submitted: 2 years ago.
Category: Estate Law
Expert:  RayAnswers replied 2 years ago.

Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

It would be possible here to buy out the other sibling for say cash for his share and have him sign settlement agreement and quit claim deed.You really need a local lawyer where property is located to prepare this and make sure you get clear title for his share.

But a family settlement agreement and quit claim deed is possible here.

The executor in probate would sign the deed as well as all of you signing the family settlement agreement.

But this is certainly possible, you will need a local lawyer to file probate and then prepare the settlement documents and quit claim deed.The court would accept this in lieu of a sale.

I appreciate the chance to help you tonight.Please let me know if you have more follow up.