What is the name of your state? New York State
My Mother died in the State of New York. She had a will which I have not yet seen. Before her death she did say that she had willed her home to my brother. My brother did not feel this was equitable. My question is my brother is willing to sign a legal document which states that in two years time if he decides to keep the house, he would take a mortgage in order to give me 1/2 the assessed value of the home. (Should this be appraised value, other?) If he decides to sell, he would give me 1/2 the money, minus expenses. We both are aware he has no legal obligation to do either and also feel we should prepare a proper legally binding document. What would you recommend or should I be addressing another forum about this?
Thank you in advance for any help.
My Mother died in the State of New York. She had a will which I have not yet seen. Before her death she did say that she had willed her home to my brother. My brother did not feel this was equitable. My question is my brother is willing to sign a legal document which states that in two years time if he decides to keep the house, he would take a mortgage in order to give me 1/2 the assessed value of the home. (Should this be appraised value, other?) If he decides to sell, he would give me 1/2 the money, minus expenses. We both are aware he has no legal obligation to do either and also feel we should prepare a proper legally binding document. What would you recommend or should I be addressing another forum about this?
Thank you in advance for any help.