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How can I transfer property out of an Estate?

1 Answers. Asked on Mar 30th, 2017 on Estate Planning - Pennsylvania
More details to this question:
I am Executor of my mom's estate , there are 2 properties in estate...one without mortgage and one with a mortgage that I just got approved for a loan modification to save the house. Can I turn these 2 properties into a LLC Business...so that me and my siblings can share and split the proceeds fairly. There was a Will but the Will was built around my mom's life insurance which didn't pan out. Life Insurance was supposed to be used to handle all debt and we were to get what was left over. What are my options?
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Answered on Mar 31st, 2017 at 9:23 AM

If the real estate is part of the probate estate, you'll have to follow the terms of the Will unless everyone involved agrees to something else.  This estate sounds complex enought that you should retain counsel to assist with the administraton of the estate. 

I recommend that you seek out a local attorney for a more in depth discussion of the matter. I do not recommend that you take any action steps without such a consult. Act quickly because by waiting, you may lose certain rights and remedies available to you.

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Estate Planning
It's a common misconception that estate planning is only appropriate for the elderly and those who have amassed a significant amount of wealth. Not true. All adults who are mentally capable should have an estate plan, which can include a last will and testament, trusts and/or advance directive such as a healthcare power of attorney and living will. An estate planning lawyer can work with you and your spouse to assess your estate planning needs, create the documents which form the foundation of your plans and then update those documents as necessary. Estate planning law firms can also work with clients who have special needs and concerns, including those dealing with a chronic or terminal illness, the parents of disabled children and parents who want to protect certain assets for their children from a prior marriage.
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