Will

[Ed Wassall]

I'm from Missouri and I recently became the owner of 1/3 of some property my Grandfather left in his will. I have some financial problems related to job loss which will force me into chapter 7. It's my understanding that the 1/3 share of this property is fair gaim for the creditors. My question is. Can I refuse the grfant in the will? Do I have to accept the 1/3 share? I don't want my financial situation to affect my two sisters related to this property. I know I may lose any claim to it in the future, but I don't care.

 

[hexeliebe]

And why would you want to do this if you owe creditors? Why not just Partition the property, sell your portion and pay your bills.

Or is there more to this story that you are not telling us?

 

[Ed Wassall]

There is more. This property has been in the family for over 100 years. My two siblings did not cause this issue. The way the will is set has the property as a whole. It's not divided nor do the others want to do so. I'm OK with being out of the will. I don't want them to suffer because of my problems. I just want off the will if possible.

 

[hexeliebe]

Well then, aside from speaking with an estate attorney Immediately, you're in deep doo doo. Since you were named in the will your creditors, once the find this out, can attach your portion of the estate and cause the land to be sold.

so, either speak with a probate attorney immediately, or accept the land, partition in kind, which will split the land into two share (partial partition) yours and a combined two sisters share, sell your portion and pay off the creditors.

This will allow you to separate your interests from your sisters and allow them to keep there portion in the family.

Other than that I don't see any other way. Now, wait until HG, Jet or IAAL (or someone) comes along with another suggestion but look at the listing for Probate attorneys in your area while you're waiting.

 

[Ed Wassall]

What happens if I don't say anything. It's my understanding that after 6 months there would not be a problem with having this property. How will the creditors know it even exists if there is no money or value that shows up anywhere. Are the odds good that they will find out.

 

[hexeliebe]

I am not going to give you a crash course in cheating creditors out of the monies that are legally theirs.

This is your debt. And it is your responsibility to repay it. I gave you an option to protect your sisters. I WILL NOT give you options to cheat someone out of the money that you owe them.

 

[Dandy Don]

What are the intentions for the property--are all of the heirs going to sell it or not?

What is the total value of the estate of the decedent? How much would the property sell for if it was sold? Is there enough money to pay off the estate debts without the land being sold, and have you talked to the executor about this? First get answers to all of these questions before you decide whether you want to give up your share--you can decline it if you want, but there is no reason to miss out on your chance to benefit financially if you can if you all decide to sell. Or maybe you all want to wait awhile before selling if you think the value of the land will increase in the future and sell at a later date.

There is a good chance the creditors will find out about the value of the estate assets, since they will be filing a claim against the estate to get paid, but if there is enough money in the estate to pay the creditors claims, then the property will not be affected. If the creditors do get a lien against the property, then it will be a simple matter for you to sign away your rights in a quitclaim deed if you are asked to do so.