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Question by Executor

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executor2b

Junior Member
What is the name of your state? Texas
I am the executor of my mother's estate. The will has my borther and me split everything evenly. The estate consists of her residence in Texas, worth $100K, with a $68K HELOC on it. The original mortgage has been paid off. She owns a farm in Oklahoma, worth $160K. She had $25K in credit card debt and $6K in medical bills. She has about $2K in cash, etc. My borther and I each will get $45K in life insurance in the next few weeks ($50K - $5K for funeral). There are no other assets or debts. It was always her desire for me to get the farm and my brother to get the house, then split anything else equally, even though the will is not written like that. That is also the desire of my brother, who only wants the house and for me to have the farm. He knows that I would be getting the better deal financially, but that is OK with him. We are willing to spend our combined $90K to pay off the HELOC and other debts so that we don't have to sell the farm or house. I am even willing to take out a mortgage on the farm just so that it stays in the family. Will a lawyer be able to help me execute the plan the way that we all want, so that my brother gets the house outright with no mortgage, I get the farm (possibly with a mortgage)? As I wrote, we are willing to spend our life insurance money.
 


Yes. Please go see a qualified probate attorney. You're going to have to open up probate to deal with the estate, especially since there is real property and outstanding debts.

In addition, we have something in Texas called a family settlement agreement, which allows all beneficiaries to come to agreement on how to split assets, even if that is different from what's in the will.

There are several issues with your plan (don't use insurance money for funeral, for example), but a qualified attorney will get you through the process. Congratulations to you and your brother for working this out in a civilized manner.

Good luck!
 

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