Turbo Dog
Jun 14, 2008, 11:07 AM
All right... This is a little complicated so hang with me here...
3 years ago my wife's grandmother passed away. She had 6 children. The will stipulated that initially, although the estate were to go to 5 of the 6 siblings, the 6th (Uncle "A", let's call him), would be allowed to reside there for however long he wished, as long as he kept the house up and paid the bills. Within 6 months Uncle A was in severe default of all the bills. At this point, as per the will, the home would be turned over to the remaining 5 to do with as they wished.
The home has been on the market for 2 1/2 years, with little interest from home buyers. An offer was made from a potential buyer known by the family to be trustworthy. The offer was to sell the home on a 3 year CD with a balloon. 4 of the 5 siblings wish to proceed with this deal. The fifth does not. The disagreeing sibling is also the executor.
Uncle A is still residing in the home. The other siblings are basically forced to support him by all paying an equal share of the bills. 4 want to sell the home on CD, they feel it is in their best interest. The 5th (and executor) does not. Can the 4 overule the 1 who also happens to be the executor? The longer Uncle A resides there, the more the property degrades and the more devalued and difficult to sell it becomes.
3 years ago my wife's grandmother passed away. She had 6 children. The will stipulated that initially, although the estate were to go to 5 of the 6 siblings, the 6th (Uncle "A", let's call him), would be allowed to reside there for however long he wished, as long as he kept the house up and paid the bills. Within 6 months Uncle A was in severe default of all the bills. At this point, as per the will, the home would be turned over to the remaining 5 to do with as they wished.
The home has been on the market for 2 1/2 years, with little interest from home buyers. An offer was made from a potential buyer known by the family to be trustworthy. The offer was to sell the home on a 3 year CD with a balloon. 4 of the 5 siblings wish to proceed with this deal. The fifth does not. The disagreeing sibling is also the executor.
Uncle A is still residing in the home. The other siblings are basically forced to support him by all paying an equal share of the bills. 4 want to sell the home on CD, they feel it is in their best interest. The 5th (and executor) does not. Can the 4 overule the 1 who also happens to be the executor? The longer Uncle A resides there, the more the property degrades and the more devalued and difficult to sell it becomes.