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Problem with an estate with no will

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justalayman

Senior Member
Here's another thought:

if the guy wanted the property to go to some particular person he would have acted accordingly. He could have put wife in title or written a will. He did neither so that proves his intent.
 


Recruiter 1

Junior Member
Oh well. I tried.
The fact that she is entitled to $75k of the real estate, plus live there for her lifetime, is more information than she had in the beginning. All her attorney said she would be entitled to is to live there for her lifetime - period. In order for her to do anything else, he said, she would have to buy out the brothers and sisters. This, at least, gives her a bit of a foothold.
Thanks
 

Zigner

Senior Member, Non-Attorney
Oh well. I tried.
The fact that she is entitled to $75k of the real estate, plus live there for her lifetime, is more information than she had in the beginning. All her attorney said she would be entitled to is to live there for her lifetime - period. In order for her to do anything else, he said, she would have to buy out the brothers and sisters. This, at least, gives her a bit of a foothold.
Thanks
I don't think it's anything different than what she was told by the attorney. Think about it...HOW would she get $75k out of the real estate? It would have to be sold and the proceeds distributed. If she wants to own the house outright, she would have to buy out the heirs.
 

Recruiter 1

Junior Member
I don't think it's anything different than what she was told by the attorney. Think about it...HOW would she get $75k out of the real estate? It would have to be sold and the proceeds distributed. If she wants to own the house outright, she would have to buy out the heirs.
I couild easily be reading it wrong but, according to what I read, she could petition the court to grant her up to $75,000 of the value of the real estate, plus up to $50,000 of the personal property + 50% of the remaining value of person property. Along with continuing to live there until she dies. That was what I understood under the Interstate Succession Laws. Again, being a layperson, I could easily be reading more into this than there really is.
 

Zigner

Senior Member, Non-Attorney
I couild easily be reading it wrong but, according to what I read, she could petition the court to grant her up to $75,000 of the value of the real estate, plus up to $50,000 of the personal property + 50% of the remaining value of person property. Along with continuing to live there until she dies. That was what I understood under the Interstate Succession Laws. Again, being a layperson, I could easily be reading more into this than there really is.
How is what you are saying different from what I'm saying?
 

Recruiter 1

Junior Member
How is what you are saying different from what I'm saying?
I guess what I'm asking is, If the property is sold, and she were to buy out the heirs, if she were to have $75k of the value granted to her, it would be that much less she would have to buy out. Correct?
If so, how would she go about obtaining what is allowed her?
 

justalayman

Senior Member
I guess what I'm asking is, If the property is sold, and she were to buy out the heirs, if she were to have $75k of the value granted to her, it would be that much less she would have to buy out. Correct?
If so, how would she go about obtaining what is allowed her?
If the property were sold, she would receive money ($75k to be precise). If she purchased the other owners or heirs shares (depending on where things stand in the probate) she would have to pay them whatever she could negotiate as a sales price for their share.


example


property is worth $475k. There are 4 heirs other than the wife. That would make each persons share, other than the wife's, worth $100k. That does not mean they are obligated to sell for $100k. They may be willing to accept less for some reason but on the other hand, one guy might want $125k for his share. If that is his price and she wants to buy it, she pays $125k.
 

Zigner

Senior Member, Non-Attorney
I guess what I'm asking is, If the property is sold, and she were to buy out the heirs, if she were to have $75k of the value granted to her, it would be that much less she would have to buy out. Correct?
If so, how would she go about obtaining what is allowed her?
Let's use a hypothetical numerical example. Number of heirs (other than the wife) is 4. Value of house is $375,000. Wife would need to pay each of the heirs $75,000 ($375,000-$75,000=$300,000. $300,000/4=$75,000) in order to keep it. Or, the house could be sold, at which point, wife gets $75,000 and each of the heirs gets $75,000. Or, wife stays in house until she dies, at which point the house is sold and the wife's estate gets $75,000, and each of the heirs gets $75,000.

These are very simple examples and don't take in to account any amounts owed on the home, etc.
 

Zigner

Senior Member, Non-Attorney
If the property were sold, she would receive money ($75k to be precise). If she purchased the other owners or heirs shares (depending on where things stand in the probate) she would have to pay them whatever she could negotiate as a sales price for their share.


example


property is worth $475k. There are 4 heirs other than the wife. That would make each persons share, other than the wife's, worth $100k. That does not mean they are obligated to sell for $100k. They may be willing to accept less for some reason but on the other hand, one guy might want $125k for his share. If that is his price and she wants to buy it, she pays $125k.
Yeah, that. ;)
 

Recruiter 1

Junior Member
Let's use a hypothetical numerical example. Number of heirs (other than the wife) is 4. Value of house is $375,000. Wife would need to pay each of the heirs $75,000 ($375,000-$75,000=$300,000. $300,000/4=$75,000) in order to keep it. Or, the house could be sold, at which point, wife gets $75,000 and each of the heirs gets $75,000. Or, wife stays in house until she dies, at which point the house is sold and the wife's estate gets $75,000, and each of the heirs gets $75,000.

These are very simple examples and don't take in to account any amounts owed on the home, etc.
Thanks. I think I finally got it. I will pass on all this valuable advise, so she can finally understand all the possible scenarios.
 

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