Tagged: Succession assets
Can you provide some insight as to possible resolution scenarios where property has multiple owners and one, and only one, owner/legatee wishes to sell their share? In this instance, such sale is related to probate and associated attorney fees. It appears there are no funds to pay the fees. Can an attorney force the sale of assets?
Ordinarily a partial owner would wait until there is a judgment of possession confirming who owns what and then file a partition suit to force a sheriff’s sale and get their share.
Anyone is free to sell their interest in a succession, but it is like selling the fish now that you hope to net later.
Thank you for the response and information.
I have few follow-ups, please pardon the bullets:
– Ownership is clear in this case. The share of concern is 1/20th.
– Can an attorney (in pursuit of fees) force the property to a sheriff’s sale?
– Can the majority owners request/require a division instead of a sheriff’s sale?
Much of this would be within the discretion of the particular judge. Since a primary purpose of a succession is to see that creditors of the deceased are paid, it would seem that a lawyer for a creditor could petition the court to sell any assets that belong to the succession. Usually this would be handled initially through or against the executor of the succession. Is there an executor or administrator?
Yes, a testamentary executrix has been appointed. The lawyer looking for fees would be a creditor of the executrix. Correct? She hired him to handle the probate. And, of course, the property is the only remaining asset or prospect for fees.
Not exactly a creditor of the Executrix. The lawyer for an estate represents the Executrix and is a creditor of the estate. Yes, they would be looking for assets to pay the administration costs as a priority. Those would include the atty fees, court costs and executor fees.