Real Estate Disputes in a CA Estate Administration: What to Do Next
When administering the estate of a loved one in California, many potential issues arise. Even where families otherwise would get along, mixing the emotions associated with the loss of a loved one with the sensitive topic of distributing assets can make for a messy administration. Often, parents will leave their real estate to all of their kids in equal shares. Unfortunately, this can create a potential for disagreement, including litigation. If one child wants to keep the property but another wants to sell, what happens?
If you or a loved one is the beneficiary of an estate with real estate, consider taking the following actions:
- Contact an experienced Riverside probate lawyer immediately for guidance.
- Appraise the property to determine its value.
- Find out whether there is a mortgage or other lien on the property.
- Determine whether there are sufficient assets in the estate, aside from the real estate, to pay any just debts of the estate.
- Consider having one child buy out the other child’s interest.
- If there are sufficient assets, consider having one child receives the property in full as the satisfaction of his interest in the estate, while the other child receives different assets. This may require an appraisal or other valuation of the other assets.
- Consider whether to work out an agreement between all siblings to hold the property without selling.
- Consider whether to continue with litigation and have a court decide how to divide the real estate.
Before taking most of the above steps, your attorney will help you initiate the estate administration process in California. Our article, 4 Types of Petitions for Starting a California Probate Administration, provides an overview of this process. Contact an experienced Riverside probate attorney today for further guidance. Call the Grossman Law Firm at (888) 443-6590.