Posted by Rick Harmon (CA) on April 15, 2006 at 16:55:39:
…Ted said it best. This better be a great deal so that you’re not wasting a lot of time (your’s and others’).
Here are the issues (no pun intended):
Does the distribution of the estate follow the dictates of the decedent’s will, pursuant to testate estate administration? If so, “chain” out the interests.
If the laws of intestate distribution (i.e., will is ignored) then every state has laws of consanguinity (think food chain) that dictates how the proceeds of the estate are to be distributed.
Who is to serve as Personal Rep. is a separate matter. As described exactly in the original posting, “Lisa” could only become appointed executor if she survives “John.” This could pose a problem if Lisa and John are both deceased. However, if the will is successfully admitted to probate then “Sally” may be the logical administrator (i.e., person not named in will to “execute”).
This could all be a moot point if Sally (or someone with a claim of interest) nominates you or another person (a “friendly” administrator). This way, you can purchase 100% of the estate irrespective of the fractional interests which, as Columbo would say, are “loose ends.”
Hope this helps.