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BobbiAnn

Guest
Dad died 18 years ago in Pennsylvania without a will. Mom has a lien on the property from the divorce settlement that Dad was to pay her 18k. Mom is executor of will. There are 6 children from their marriage. All now over 21. Problem: decide how to, of if, we should divide the property. Any suggestions?
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BobbiAnn:
Dad died 18 years ago in Pennsylvania without a will. Mom has a lien on the property from the divorce settlement that Dad was to pay her 18k. Mom is executor of will. There are 6 children from their marriage. All now over 21. Problem: decide how to, of if, we should divide the property. Any suggestions?<HR></BLOCKQUOTE>

Was there probate? The property should be sold, with the lien paid off and the balance divided among the 6 children.
 
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BobbiAnn

Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
Was there probate? The property should be sold, with the lien paid off and the balance divided among the 6 children.<HR></BLOCKQUOTE>
After further discussion, Mom doesn't want the money for the lien. She wanted the $ from Dad, not us. None of us kids wants to sell. What ownership is best? Joint tenancy or Tenants in Common? What are the possible implications to the joint owners if a judgement is rendered against one of us?

 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BobbiAnn:
Originally posted by HomeGuru:
Was there probate? The property should be sold, with the lien paid off and the balance divided among the 6 children.<HR></BLOCKQUOTE>
After further discussion, Mom doesn't want the money for the lien. She wanted the $ from Dad, not us. None of us kids wants to sell. What ownership is best? Joint tenancy or Tenants in Common? What are the possible implications to the joint owners if a judgement is rendered against one of us?
The best ownership is via some sort of trust. Consult with a trust attorney. If title is held via JT or TC, there could be complications in the future forcing the sale of the property. Some problems that may come up include judgement, tax lien, BK, divorce, huge medical bills or incapacitation by one of the joint owners.
 
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BobbiAnn

Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
The best ownership is via some sort of trust. Consult with a trust attorney. If title is held via JT or TC, there could be complications in the future forcing the sale of the property. Some problems that may come up include judgement, tax lien, BK, divorce, huge medical bills or incapacitation by one of the joint owners. <HR></BLOCKQUOTE>

Could you elaborate on the trust? How it works, who administers, etc...
 
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BobbiAnn

Guest
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BobbiAnn:
Could you elaborate on the trust? How it works, who administers, etc...<HR></BLOCKQUOTE>
A friend suggested forming a corporation. It sounds like it has possibilities. Does it?


 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BobbiAnn:
Originally posted by BobbiAnn:
Could you elaborate on the trust? How it works, who administers, etc...<HR></BLOCKQUOTE>
A friend suggested forming a corporation. It sounds like it has possibilities. Does it?
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HomeGuru response: No. Please post you exact situation and questions on the Estate BB.
 

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