[WSBAPT] TEDRA agreement or something else - handling residence in estate

[G. (Gus) Benjamin Lindsey III]

Good morning,

 

I have a probate case in which the estate includes  the decedent’s
personal residence. Decedent’s will calls for the heirs (decedent’s seven
children) to share the home equally. The home is owned free and clear. All
other assets have been distributed consistent with the will. 

 

All of the heirs have agreed that one sibling can buy out the other heirs
interest in the home based on the home’s current appraised value. 

 

What’s the most effective and efficient manner of documenting this
agreement? I believe that the heir that is taking possession of the home
plans to obtain some type of loan in order to pay the other heirs for
their ownership interest in the home.

 

Insights, samples, and/or practical tips appreciated!

 

 

Sincerely,

 

G. (Gus) Benjamin Lindsey III

Attorney-at-Law

 

 

The Law Office of G. Benjamin Lindsey III

2012 Grade Road, Suite 202

Lake Stevens, WA 98258

Phone:   (425) 263-9585

 

website: www.gbl3law.com <http://www.gbl3law.com/> 

 

Business Law     Employment Law     Construction Law     Civil Litigation
Estate Planning      Labor Law     

 

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