[jeffreybwonderful]

My parents are getting older. I have asked them to deed the farm estate to myself and my sister and also my son and my sister's daugter. I will be made the executor/administrator of the farm estate. Can my sister, or son, or my sister's daugther force me into selling the farm estate when the above is completed even thou I will be the executor/administrator?

[tickle]

If you are all on the deed, then all of you are responsible for reaching an agreement as to when the estate will be sold. That isn't to say a falling out of one of you may occur in the future and then one will try to force the issue.

[ScottGem]

If multiple people have an interest in a property, then one or more can force either a buy out or sale. In fact, as executor of an estate you have a responsibility for the timely distribution of the estate.

As for your parents deeding you the property, I would reconsider. Unless your parents estate is large, it might be better to distribute the property in a will rather then turn it over to you before death. Putting the property in your name now, would be considered a gift and they would have to pay gift taxes on it. I suggest you consult an estate attorney before you do anything.

[jeffreybwonderful]

Thanks for answering my previous question. However let me be more specific. For example, my parents- want to deed their farm estate to me(their son), their daugther, my son and my sister's daughter. However the deed only takes effect after their death. After their death - could my sister or my sister's daughter force me into selling the farm estate although I will be the executor/administrator of the farm estate.

[ebaines]

I thought the previous answers were pretty clear. After your parents' death the farm will be owned by 4 individuals. If one or more want to cash out then either you reach an amicable buy-out agreement with them or things could get nasty - for exampe, hey may refuse to pay their fair sare of real estate taxes or repair costs. I suggest the 6 of you sit down and discuss what you would do with the property.

One thing I would add is that the best route for doing this transaction mihgt be for your parents to set up a revocable trust for this transaction. That way there is no gift tax due, although the trust is part of the estate so depending on the value may be subject to estate taxes when your parents pass away. This procedure avoids probate. As ScottGem said in his previous answer - you and your parents should consult an estate planning attorney on transactions like this.

[ScottGem]

First, please do not start a new question for a follow-up. Use the Answer This Question or Quote User buttons to add a follow-up. I've merged the two threads for you.

Second, in respect to your statement; "However the deed only takes effect after their death." That's what a will does. But ebaines suggestion of a trust is a good one. That's why I recommended contacting an estate attorney who can advise you of the best way of conveying the property to you and the other heirs upon your parents death.

As for forcing a sale, that doesn't change. Again, anytime you have multiple owners, one or more can force either a salae or a buyout.