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RONB-ESQ
RONB-ESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 357
Experience:  Right of Way Manager at Access Midstream Partners, LP
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Why is interest in an estate not run like a business, where

Customer Question

Why is interest in an estate not run like a business, where the highest percentage of ownership for example: 70/30 would have the higher percentage make the final decision?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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This would be because the heirs don't actually own anything until the asset is transferred from the estate to them by the executor of the estate. So the estate owns the assets in it up until the moment they are transferred to the beneficiaries of any will and they have no legal authority to determine how the estate is administered.

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The administration of the estate is determined by state law and carried out by the executor, not by a "vote" by the heirs as to how they think things should go.

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With that said, there is nothing that would have prevented the testator from putting a clause in their will that would have given some authority to an heir about how assets were to be handled or distributed if they had wanted the heir to have that power.

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thanks

Barrister

Expert:  RONB-ESQ replied 1 year ago.

Hello my name is ***** ***** I am a licensed attorney. I welcome you to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. The question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms.

I am a different attorney on the site. I wanted to confirm that you requested another expert before I get into the question. Since it appeared on our main page that leaves me to believe you requested a new expert could you confirm that for me before we continue.

Ron

Expert:  RONB-ESQ replied 1 year ago.

In case I forget to tell you I will be online until about 10:00 PM CST and should be back online around 1:00 PM CST tomorrow. Do note that you can reply here and if I am offline will respond when I get back online tomorrow.