[DenDen]

Before dying last year, my Dad had put his home and property (25 acres in NY) in the names of his five adult children -- we now own it. My brother, who is also the executor, wants to keep some of the property (including the house) for sentimental reasons. He'd like to survey and divide off the piece he wants, and leave it to the rest of us to sell the remainder.

I feel this is inherently unfair, in that the improved property, which he will retain, won't be part of the real estate deal and the rest of us will be forced to accept A LOT less $$ than if we'd have sold the entire property and split the profits 5 ways. He'll retain a much more valuable property.

What are my options? What's the legal way to handle this? It's been 9 months and I'm thinking he's just trying to wait the rest of us out!

[Fr_Chuck]

Well first if the property was deeded before his death I am not sure it is part of the estate legally and not under the executor. So that is my first issue, since if the property was transferred prior to death it would just be jointly owned already, not given though probate.

BEyond that the value of the entire property has to be figured, and that extra value the one brother is keeping will have to be paid to the others for him to buy out their share of it.

Also you don't have to accept anything if not fair, if it is in probate you object in court, if not in probate you merely refuse to sign till it is a deal you will agree with

[DenDen]

True. It IS already in our names (supposedly, haven't seen any papers myself), so not subject to probate. If he's reluctant to go the buyout route, is there a legal means to force a sale to dispose of the property? I don't want to pay any more upkeep on a place I have no intention of owning.

Thanks for the advice!

[rockinmommy]

Is it 4 against 1, or what do the other 3 siblings want / think?

If it's 4 against 1 I would recommend the 4 of you hiring a real estate attorney to present your "offer" to your brother. And the atty. Can also make it extremely clear that HIS proposal will never fly.

[DenDen]

Everyone else is really passive about the whole situation. We all live pretty far from the property (closest being the one brother), and they just want it settled, not really caring if he gets the "lion's share". And HE has told me he has no intention of buying everyone out -can't afford it (a lie). Maybe I should just make him a side deal.

The pitfalls of "family ownership".

[rockinmommy]

If no one really cares what happens besides you and him, you're going to have a long road to get it settled to your satisfaction.

I'm sure you can hold up the sale and wait HIM out. If he's the one that wants the house and the property it's on then I guess you could just sit back and see how BAD he wants it.

At this point it's really up to you how much time and attention you want to put into it. Or how much you want to pay an attorney. It definitely sounds like it could easily turn into an emotionally draining situation that could damage family relationships (assuming any exist) and may still never turn out the way you want it to.

And keep in mind that as the executor he's getting paid. The longer it drags out the more he can probably "charge". I don't know how much $$ we're talking about here, but maybe his executor compensation could be in the form of the additional property value he'd be getting and nothing more??

[JudyKayTee]

If no one really cares what happens besides you and him, you're going to have a long road to get it settled to your satisfaction.

I'm sure you can hold up the sale and wait HIM out. If he's the one that wants the house and the property it's on then I guess you could just sit back and see how BAD he wants it.

At this point it's really up to you how much time and attention you want to put into it. Or how much you want to pay an attorney. It definitely sounds like it could easily turn into an emotionally draining situation that could damage family relationships (assuming any exist) and may still never turn out the way you want it to.

And keep in mind that as the executor he's getting paid. The longer it drags out the more he can probably "charge". I don't know how much $$ we're talking about here, but maybe his executor compensation could be in the form of the additional property value he'd be getting and nothing more?????????

Don't see this as an estate problem - the house doesn't seem to have passed through the estate. It passed directly upon the death of the father.

Executor's compensation does not appear to be involved, at least on my reading.

The estate has nothing to do with this - this is siblings who cannot agree on jointly owned property. Attorneys would have to get involved (perhaps 1 for each "side") and get a Court Order to appraise, perhaps sell, negotiate prices, divide the property with (perhaps) one brother having to pay the others for the house.

[rockinmommy]

The estate has nothing to do with this - this is siblings who cannot agree on jointly owned property. Attorneys would have to get involved (perhaps 1 for each "side") and get a Court Order to appraise, perhaps sell, negotiate prices, divide the property with (perhaps) one brother having to pay the others for the house.

You're right... duh! I need to quit trying to brainstorm after 11pm! :rolleyes:

[excon]

Hello D:

In a nutshell, if this is to be resolved, ALL the brothers and sisters will have to agree to a sale, and of course, a sale price. Apparently, one of the brothers is going to be the buyer. In terms of the remaining brothers and sisters, WHO buys it doesn't affect their share at all.

You already said that one won't agree to it, and that's his right. Yes, he has a right to be unreasonable. That means that a deal probably WON'T happen.

The brothers and sisters COULD agree to RENT the house to the one brother, if everybody agreed on the rent...

It seems to me, that you're NEVER going to get everybody to agree, which means that the property will sit vacant and unused until an agreement CAN be reached.

So, I'd just go on with my life. Your brother can't do anything.

excon

PS> As noted, this property has NOTHING to do with the estate, probate or the brothers job as executor.

[JudyKayTee]

You're right.......duh! I need to quit trying to brainstorm after 11pm!! :rolleyes:

I very often don't read all the way back to the beginning and realize far too late that I've given a lengthy answer to - no question at all!

Drink more coffee. That's my secret. Or less coffee. One or the other.

[g.king_7056]

This is not an answer, but a similar question if anyone has advice for me. My 5 siblings and I own a cottage in NY state on Lake Champlain. (6 shares).It was willed to us by our Aunt. All has been going great the past 15 yrs and still is. We are in our 60s and 70s and now wondering how things might/could go forward in regards to wills, someone wanting "out". Do you have any suggestions or prior experiences?
Ginny

[JudyKayTee]

Depends on how title is held. In most cases any one of you can Will your share to anyone - including someone outside the family - or SELL to someone else.

The survivors can also "buy out" an estate.

How is the title held?

If you don't want outsiders you would have to cover that issue by Contract among you. The deceased could also Will his/her share to the other brothers/sisters.

[AK lawyer]

For both the original '08 question and the related question that g.king_7056 raised yesterday, this is the answer: one sibling would sue the others for partition. The court would order the property sold and the proceeds divided. If it would bring more money to sell it off in pieces, that can happen too; the proceeds from the separate sales to be put into a fund and the fund divided.

Short of litigation, of course, all could agree to a sale and the proceeds to be divided in the same manner. That would save considerable attorney fees and court costs of course, but would require everybody's agreement.