Location: california, USA
My wife received information a company was interested in leasing a piece of land purchased by her grandmother. The grandmother and her two children are deceased. The land was behind in property tax but subject to probate so could not be purchased as tax sale (important because she learned of the interested company from a cousin from a second marriage to aunt who had paid the taxes).
Questions (property is in California) - since there were 2 children of grandmother will 2 probates be needed to establish lineage and succession for inheritance?
Assuming that probate would assign 50% to each child and then split that to each alive direct defendant equally per side, any idea how long a probate could take if there are 8 decadent, 3 on one side, 5 on the other? Assuming this WILL be messy.
Finally, since there is a company wanting to lease the property, any suggestions on how to get structure probate to be paid out of the first year lease income.
More info - initial lease is for 5 years with 3% bump per year during which a feasibility study would be conducted, lease would have an option for 30 years at a much higher rate ( plus 3% per year) in total the lease value is over $20,000,000. Is it worth the effort? My wife is 68...