30.151—May the devisees or eligible heirs in a probate proceeding consolidate their interests?
The devisees or eligible heirs may consolidate interests in trust property already owned by the devisees or heirs or in property from the inventory of the decedent's estate, or both.
(a)
A judge may approve a written agreement among devisees or eligible heirs in a probate case to consolidate the interests of a decedent's devisees or eligible heirs.
(1)
To accomplish a consolidation, the agreement may include conveyances among decedent's devisees or eligible heirs of:
(ii)
Interests of the devisees or eligible heirs in trust or restricted land which are not part of the decedent's trust inventory; and
(iii)
Interests of the decedent, the devisees, or eligible heirs in any covered permanent improvements attached to a parcel of trust or restricted land in the decedent's trust inventory.
(2)
The parties must offer evidence sufficient to satisfy the judge of the percentage of ownership held and offered by a party.
(3)
If the decedent's devisees or eligible heirs enter into an agreement, the parties to the agreement are not required to comply with the Secretary's rules and requirements otherwise applicable to conveyances by deed.
(b)
If the judge approves an agreement, the judge will issue an order distributing the estate in accordance with the agreement.
(d)
An interest included in an approved agreement may not be purchased at probate without consent of the owner of the consolidated interest.