executer papers not found

[curb1]

questionforall,

The important thing is to look at this long range and be able to nip this emotional attachment in the bud. You could easily be co-owner of this property with your sibling's children some day soon. You need to see the inevitable situations now and not 10-20 years down the road. Are you in a position to buy out the other siblings (and their children)? If so, do it and keep the house in the family. The other siblings will not be wanting to be co-owners just so you can live in the house.

 

[questionforall]

Yes

I think I am in a position to buy out the others, don't know if all the others are willing to sell their share. Could get complicated. Am I right to assume the courts will force a sell if there is no agreement. Say the estranged sister that can not maintain the house does not want to sell her share. What then?

 

[curb1]

I guess then my question is, "What does the family mean when they say they want to keep it in the family"?

Does that mean that everyone chips in and pays all of the bills? Or, that everyone lives in the house? You might not realize it, but all of these present and future owners will not get along. Everyone has different financial situations that are always changing.

I would suggest that you buy the house to keep it in the family. Otherwise you will have a mess that will be more than a financial mess. The tricky part is that if you buy the house with the money left just you, it might not sit well.

What is the value of this house? Why did your mother leave the money for just you and not to be split among your siblings? Did she not like them, or did she expect you to share the money?

 

[questionforall]

for all

Mom left the money for me to pay her bills, distribute it fairly and wants the house kept in the family. Complicated scenario. All but one wants the house, one just wants their fair cash value

 

[curb1]

If you are intent on having several owners of the house, then the four "want to" need to buy out the fifth "don't want to".

Then with that scenario, you still need to deal with multiple owners and increasing number of owners later. What is the plan for the house? You can't all live in the house.

 

[questionforall]

living arrangements

two of the children are not married and would be fine in the house, I don't "have" to live there as I have a home of my own with my children but would want to maybe someday live there in my retirement(it's a big house), the forth "want to's" does not have an interest in living in it. But would like to come there when he wants.

We would all like (minus the one) the house to become a place to carry on family days like we used to have. We all get along(minus the one)

To avoid the "additional owners later on down the line" would it be possible to add a clause/or wills that state if one sibling should die the other active owners (siblings) would become owners of the deceased interest in the house. The last living sibling then becomes the lucky "winner" of it all?

And the ones who do live it in, are there such things as rent payments generally made to an estate before it is settled?

 

[curb1]

So is this what the "plan" sounds like?

1) The four "want to" buy out the fifth "not want to".

2) The four owners will rent the house to one of the "want to". What if they move out? Is everyone willing to rent to someone outside of family who may, or may, not trash the house? That would mean you might not be able "to carry on family days like we used to have".

3) You asked, "To avoid the "additional owners later on down the line" would it be possible to add a clause/or wills that state if one sibling should die the other active owners (siblings) would become owners of the deceased interest in the house."

Yes, that could easily be accomplished with the three "want to" buying out the deceased fourth "want to". Then following, when the third "want to" dies, the two remaining "want to" would buy the share of the deceased third. Continuing, the remaining "want to" would own the house free and clear by having bought out the interest in all of the "want to". Then when the last "want to" dies, the house would go to his beneficiaries.

4) Yes, whoever is living in the house would/should be obligated to pay rent.

5) You say everyone gets along well. I would hope so because this has the potential to easily unravel.

 

[questionforall]

I think so

The plan looks about right on paper. I see some issues that may need ironing but I feel good knowing at least what we can all agree on (keeping the family home together) could actually be worked out on paper. No one in the family (except the "don't want to") is looking to seek any financial gain from the estate. The home means so much more to all of us than a financial gain. It isn't about how much we are set to gain.

 

[questionforall]

one more issue

Since I am in charge of the property, maintaining it and making sure it is kept up while it goes through probate Is it acceptable/expected that I act as landlord and get rent from the brother who is currently living there? Should I step in as a "landlord" and put the rent money into the estate? How do others handle this when a sibling is living in the home?