Battle O'r the Estate
- MissHavisham
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Battle O'r the Estate
My mother in-law died in March 2020 and my father in law has been deceased since 2018. There was no will and they have three sons. I am married to the oldest son.
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
2 of the 3 sons moved to Florida to be near mom and dad. 1 of these two is kind, polite and took care of the parents and is very sentimental and would like to take over the condo and buy the other two brothers out. Problem is he can not afford to do so. He also moved in with them for MANY years when they were not frail at the time and is also sort of a moocher. A nice moocher, but a moocher nonetheless. It must be nice to live rent free for 12 years on the beach. The other one is degenerate stock market gambler that is pressuring his brother to sell so he can get his one third. My husband is up here in the tri-state area and doesn't really care; but he does, but he doesn't if that makes sense. We are lucky enough that we dont need the money and it's fine if the brother wants to buy him out BUT:
The kinder more sentimental brother can't afford to take over the mortgage etc and has been dragging this out since March. It is practically November. The second brother just wants his money. My husband doesn't necessarily mind if the kinder one stays in the condo so long as he pays for the up keep... but it seems like no one is buying anyone out. It's like they are just leaving it in all 3 names?
As a wife, I am concerned that there is nothing in writing and I think they all need to sit down and come up with a plan and figure things out. My husbands' family are passive aggressive, they don't communicate and they brush things under the rug. I'm nervous because I don't want to be liable to pay for anything in case the brother doesn't keep up with the insurance payments or mortgage or whatever. I feel like if he is going to keep living there. I also feel like technically, that we have a right to look at the statements to make sure things are being paid etc. So it is not really a brawl over the estate, but it is def a [(removed) --admin LadyGeek] of no one knowing what is going on.
I'm not sure if there are any lawyers on this forum or any one who has had a similar situation. I'm trying to figure out how to handle it. I'm normally a very pushy wife that likes to make sure things are done the right way and out of respect to my husband I have said nothing. But I'm done. Someone has got to get them to sit around a table and iron out some sort of contract what ever it may be. I just want to know what is going on and what I need to know to protect myself in case they don't pay on it or it gets sued or foreclosed.
Thoughts and Ideas please!
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
2 of the 3 sons moved to Florida to be near mom and dad. 1 of these two is kind, polite and took care of the parents and is very sentimental and would like to take over the condo and buy the other two brothers out. Problem is he can not afford to do so. He also moved in with them for MANY years when they were not frail at the time and is also sort of a moocher. A nice moocher, but a moocher nonetheless. It must be nice to live rent free for 12 years on the beach. The other one is degenerate stock market gambler that is pressuring his brother to sell so he can get his one third. My husband is up here in the tri-state area and doesn't really care; but he does, but he doesn't if that makes sense. We are lucky enough that we dont need the money and it's fine if the brother wants to buy him out BUT:
The kinder more sentimental brother can't afford to take over the mortgage etc and has been dragging this out since March. It is practically November. The second brother just wants his money. My husband doesn't necessarily mind if the kinder one stays in the condo so long as he pays for the up keep... but it seems like no one is buying anyone out. It's like they are just leaving it in all 3 names?
As a wife, I am concerned that there is nothing in writing and I think they all need to sit down and come up with a plan and figure things out. My husbands' family are passive aggressive, they don't communicate and they brush things under the rug. I'm nervous because I don't want to be liable to pay for anything in case the brother doesn't keep up with the insurance payments or mortgage or whatever. I feel like if he is going to keep living there. I also feel like technically, that we have a right to look at the statements to make sure things are being paid etc. So it is not really a brawl over the estate, but it is def a [(removed) --admin LadyGeek] of no one knowing what is going on.
I'm not sure if there are any lawyers on this forum or any one who has had a similar situation. I'm trying to figure out how to handle it. I'm normally a very pushy wife that likes to make sure things are done the right way and out of respect to my husband I have said nothing. But I'm done. Someone has got to get them to sit around a table and iron out some sort of contract what ever it may be. I just want to know what is going on and what I need to know to protect myself in case they don't pay on it or it gets sued or foreclosed.
Thoughts and Ideas please!
Re: Battle O'r the Estate
Is your husband (and you) OK with simply walking away from the property? If so, simply gift you part to one/both of the brothers and be done with it. Would this allow the one brother to buy out the other? Either way, it would remove you from any responsibility.
No matter how long the hill, if you keep pedaling you'll eventually get up to the top.
Re: Battle O'r the Estate
How much equity are we talking about here? i.e. What is it worth and how much mortgage is left?
Re: Battle O'r the Estate
Yep, too much personal opinions in your story, tell your husband to consult a attorney.
Last edited by bob60014 on Tue Oct 27, 2020 6:20 pm, edited 1 time in total.
- MissHavisham
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Re: Battle O'r the Estate
No, I do not think we are okay with walking away. I'm not sure that would help the other brother afford it. The parents went bankrupt twice and took out mortgages on the place twice.Raybo wrote: ↑Tue Oct 27, 2020 6:14 pm Is your husband (and you) OK with simply walking away from the property? If so, simply gift you part to one/both of the brothers and be done with it. Would this allow the one brother to buy out the other? Either way, it would remove you from any responsibility.
- MissHavisham
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Re: Battle O'r the Estate
Yea but how much is still owed on it?
Re: Battle O'r the Estate
Who's name is currently on the deed? Who's name is currently on the mortgage?
Mary
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Re: Battle O'r the Estate
So let’s say it’s worth $400k. How much is owned on the mortgages? Sounds like they have two mortgages on it.MissHavisham wrote: ↑Tue Oct 27, 2020 6:21 pmIn it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
I don’t see an easy way out of this one other than selling and splitting the proceeds 3 ways. It might not be worth much once you pay the mortgages off and split the remaining equity 3 ways.
Who is paying for everything right now?
Re: Battle O'r the Estate
Real property does not "automatically" get put in the name of heirs when a person dies intestate. I assume that none of the siblings was a co-owner of the property with the decedent. Is the estate being probated?
If agreement can't be reached among all of the heirs of the property, a petition for partition can be filed. In that case, a court can order the sale of the property and a division of the proceeds.
In any event, it sounds like your husband should consult with his own trusted attorney.
If agreement can't be reached among all of the heirs of the property, a petition for partition can be filed. In that case, a court can order the sale of the property and a division of the proceeds.
In any event, it sounds like your husband should consult with his own trusted attorney.
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Re: Battle O'r the Estate
The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
> in it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
Value renovated is irrelevant.
If the various owners can't agree a partition lawsuit will force the sale.
> in it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
Value renovated is irrelevant.
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Re: Battle O'r the Estate
Sounds like there isn't much equity. Your husband might save money by disclaiming any interest in the property. He could visit and see whether there are any sentimental items he'd like.
Re: Battle O'r the Estate
I'm being facetious, but it's almost like your MIL hated her sons and left them this mess to deal with
On a more serious note, I was with raybo about your husband walking away from it, but I just saw your response stating that's not an option.
Ok, so it *could* be worth $600,000 if it was renovated. Who's paying for the renovations? Your and your husband? The mooch? Or the degenerate?
You might find that after renovation costs, possible legal action, and bad feelings all around, walking away from this might be the best move.
Edit: Or force a partition as mentioned above. Here's an article on a Florida law firm's website:
"How an Action for Partition Works in Florida" - dhclaw.com
On a more serious note, I was with raybo about your husband walking away from it, but I just saw your response stating that's not an option.
Ok, so it *could* be worth $600,000 if it was renovated. Who's paying for the renovations? Your and your husband? The mooch? Or the degenerate?
You might find that after renovation costs, possible legal action, and bad feelings all around, walking away from this might be the best move.
Edit: Or force a partition as mentioned above. Here's an article on a Florida law firm's website:
"How an Action for Partition Works in Florida" - dhclaw.com
Last edited by Raymond on Tue Oct 27, 2020 6:39 pm, edited 1 time in total.
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Re: Battle O'r the Estate
No insurance that pays off the mortgage on death? Doesn't the mortgage company have something like that called mortgage insurance?
Re: Battle O'r the Estate
+1. If nice brother can't buy it, he can't buy it. He can take his share of the proceeds somewhere else and buy a more affordable place. Everybody else gets some cash, and the matter is settled.adamthesmythe wrote: ↑Tue Oct 27, 2020 6:29 pm The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
Re: Battle O'r the Estate
Except one of the bros has a sentimental attachment to THAT house.Quirkz wrote: ↑Tue Oct 27, 2020 6:35 pm+1. If nice brother can't buy it, he can't buy it. He can take his share of the proceeds somewhere else and buy a more affordable place. Everybody else gets some cash, and the matter is settled.adamthesmythe wrote: ↑Tue Oct 27, 2020 6:29 pm The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
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Re: Battle O'r the Estate
This is pretty much what the financial situation comes down to, but there's also the emotional side of it which has nothing to do with the value of the estate.Quirkz wrote: ↑Tue Oct 27, 2020 6:35 pm+1. If nice brother can't buy it, he can't buy it. He can take his share of the proceeds somewhere else and buy a more affordable place. Everybody else gets some cash, and the matter is settled.adamthesmythe wrote: ↑Tue Oct 27, 2020 6:29 pm The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
All three siblings need to sit down in a room and hash things out if they want to avoid resentment for the next few decades.
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Re: Battle O'r the Estate
That's not what mortgage insurance does. Mortgage insurance protects the lender by covering the potential difference between the money owed on the mortgage and the auction value of the house, if they need to foreclose.
You may be thinking of a (predatory, IMO) form of life insurance marketed at homebuyers. These companies usually use the publicly available info about the mortgage to scare you into high priced term insurance with a constantly reducing payout. In my experience, they also try to fake affiliation with your bank sometimes, when really they just got your bank info from the public documents.
Last edited by Millennial on Tue Oct 27, 2020 6:47 pm, edited 1 time in total.
Re: Battle O'r the Estate
You don't get to figure out how to handle it. You are an interested party with no standing. There's nothing for you to handle.MissHavisham wrote: ↑Tue Oct 27, 2020 6:09 pm My mother in-law died in March 2020 and my father in law has been deceased since 2018. There was no will and they have three sons. I am married to the oldest son.
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
As a wife, I am concerned that there is nothing in writing and I think they all need to sit down and come up with a plan and figure things out.
I'm trying to figure out how to handle it.
Someone was appointed as executor, right? That's the person who ultimately decides, hopefully in consultation with the others. For me, the only thing that makes any sense is to sell the property and divide the proceeds.
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Re: Battle O'r the Estate
Yes you are correct but there is no executor and my husband doesn't even know if his name is actually on the deed now. He doesn't know whose name is on the mortgage. This is what I'm saying I have no idea what is going on. and he doesnt. It is time that we find out.JoeRetire wrote: ↑Tue Oct 27, 2020 6:46 pmYou don't get to figure out how to handle it. You are an interested party with no standing. There's nothing for you to handle.MissHavisham wrote: ↑Tue Oct 27, 2020 6:09 pm My mother in-law died in March 2020 and my father in law has been deceased since 2018. There was no will and they have three sons. I am married to the oldest son.
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
As a wife, I am concerned that there is nothing in writing and I think they all need to sit down and come up with a plan and figure things out.
I'm trying to figure out how to handle it.
Someone was appointed as executor, right? That's the person who ultimately decides, hopefully in consultation with the others. For me, the only thing that makes any sense is to sell the property and divide the proceeds.
Re: Battle O'r the Estate
"It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons."
I think this is true after going through probate and no one else makes a claim on it. Did this go through probate?
Dave
I think this is true after going through probate and no one else makes a claim on it. Did this go through probate?
Dave
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- MissHavisham
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Re: Battle O'r the Estate
Not going through probate b/c no one knows what is going onDave55 wrote: ↑Tue Oct 27, 2020 6:48 pm "It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons."
I think this is true after going through probate and no one else makes a claim on it. Did this go through probate?
Dave
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Re: Battle O'r the Estate
That may be.atikovi wrote: ↑Tue Oct 27, 2020 6:37 pmExcept one of the bros has a sentimental attachment to THAT house.Quirkz wrote: ↑Tue Oct 27, 2020 6:35 pm+1. If nice brother can't buy it, he can't buy it. He can take his share of the proceeds somewhere else and buy a more affordable place. Everybody else gets some cash, and the matter is settled.adamthesmythe wrote: ↑Tue Oct 27, 2020 6:29 pm The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
But unless he can afford it/to buy the others out, that's not particularly useful, *unless* both of the others want to help subsidize him now/later.
(And that could drag out various family dramas well into the future...)
Such a "preference" could make a real difference in a situation where the one who has the "attachment" is also one of the ones (or the only one) who can afford to keep it alone.
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Re: Battle O'r the Estate
Is the mooch paying the mortgages, insurance, property tax? If not, the sheriff will be there to throw him out following foreclosure.
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Re: Battle O'r the Estate
Call the estate lawyer.MissHavisham wrote: ↑Tue Oct 27, 2020 6:47 pmYes you are correct but there is no executor and my husband doesn't even know if his name is actually on the deed now. He doesn't know whose name is on the mortgage. This is what I'm saying I have no idea what is going on. and he doesnt. It is time that we find out.JoeRetire wrote: ↑Tue Oct 27, 2020 6:46 pmYou don't get to figure out how to handle it. You are an interested party with no standing. There's nothing for you to handle.MissHavisham wrote: ↑Tue Oct 27, 2020 6:09 pm My mother in-law died in March 2020 and my father in law has been deceased since 2018. There was no will and they have three sons. I am married to the oldest son.
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
As a wife, I am concerned that there is nothing in writing and I think they all need to sit down and come up with a plan and figure things out.
I'm trying to figure out how to handle it.
Someone was appointed as executor, right? That's the person who ultimately decides, hopefully in consultation with the others. For me, the only thing that makes any sense is to sell the property and divide the proceeds.
This isn't just my wallet. It's an organizer, a memory and an old friend.
Re: Battle O'r the Estate
[ quoted post removed by admin LadyGeek]
I was going to go with "goat rope", but then I found "omnishambles."
OP, I'm sort of hoping your husband isn't on the deed, so he can watch this trainwreck from a safe distance.
I was going to go with "goat rope", but then I found "omnishambles."
OP, I'm sort of hoping your husband isn't on the deed, so he can watch this trainwreck from a safe distance.
"Ritter, Tod und Teufel"
Re: Battle O'r the Estate
So a quarter million or more property divided 3 ways. Say $100,000 each optimistically. If the bro that want's to keep it can't get a $200K mortgage, could you front him your share and pay off #3 bro? i.e., lend him the $200K on a property worth twice that?
Re: Battle O'r the Estate
Is the implication here that a renovation would return more than it cost? Assuming your figures are right, that seems likely. $200-250k is a ton of money, almost certainly enough to gut the place.MissHavisham wrote: ↑Tue Oct 27, 2020 6:21 pmIn it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
If you and your husband have the means, what about kicking out the brother who's living there, managing and paying for the renovations yourself, then selling it and dividing up whatever's left over? Will give you an excuse to evict the brother and you'd get a little money as a kicker.
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Re: Battle O'r the Estate
The nice mooch is claiming that yes he is making all payments, however, husband has not asked to see statements.Jack FFR1846 wrote: ↑Tue Oct 27, 2020 6:56 pm Is the mooch paying the mortgages, insurance, property tax? If not, the sheriff will be there to throw him out following foreclosure.
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Re: Battle O'r the Estate
That was my husband's original idea. That he would oversee the renovation, sell for 600k, pay back the bank the 100k, then split the rest three ways. That is when the nice mooch got all mopey and sad and said he didn't want to see the "family" home. So my husband said okay fine stay there and we'll come up with a plan later.fyre4ce wrote: ↑Tue Oct 27, 2020 7:03 pmIs the implication here that a renovation would return more than it cost? Assuming your figures are right, that seems likely. $200-250k is a ton of money, almost certainly enough to gut the place.MissHavisham wrote: ↑Tue Oct 27, 2020 6:21 pmIn it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
If you and your husband have the means, what about kicking out the brother who's living there, managing and paying for the renovations yourself, then selling it and dividing up whatever's left over? Will give you an excuse to evict the brother and you'd get a little money as a kicker.
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Re: Battle O'r the Estate
Careful about planning renovations prior to sale... "family drama" warning...MissHavisham wrote: ↑Tue Oct 27, 2020 7:09 pmThat was my husband's original idea. That he would oversee the renovation, sell for 600k, pay back the bank the 100k, then split the rest three ways. That is when the nice mooch got all mopey and sad and said he didn't want to see the "family" home. So my husband said okay fine stay there and we'll come up with a plan later.fyre4ce wrote: ↑Tue Oct 27, 2020 7:03 pmIs the implication here that a renovation would return more than it cost? Assuming your figures are right, that seems likely. $200-250k is a ton of money, almost certainly enough to gut the place.MissHavisham wrote: ↑Tue Oct 27, 2020 6:21 pmIn it's current condition it isn't worth more than $350-400,000. But if it was renovated they could get $600,000.00.
If you and your husband have the means, what about kicking out the brother who's living there, managing and paying for the renovations yourself, then selling it and dividing up whatever's left over? Will give you an excuse to evict the brother and you'd get a little money as a kicker.
How will the choices, and importantly, the *costs* of the choices, for the renovations be made?
Also, you are the one of the three current owners who are far away. How would this work?
Would you/the two of you expect any compensation? Unless you hand the project over to someone else nearby, along with a check, there will be lots of decisions and time needed. Or things might not be done right.
And things might not be done right anyway; it happens!
If you haven't ever done a major renovation, hands on, then perhaps long-distance isn't the time to start, along with possible family quibbling.
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Re: Battle O'r the Estate
This is interesting stuff. I'm excited to hear the resolution. Could go any of a half dozen ways, most of which are bad.
I think my first call would be to a real estate attorney in Florida. My second one would be an estate attorney in Florida. I bet you'll have a much better idea which way to go once those calls are made.
I think my first call would be to a real estate attorney in Florida. My second one would be an estate attorney in Florida. I bet you'll have a much better idea which way to go once those calls are made.
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Re: Battle O'r the Estate
Thank you for the lnik.Raymond wrote: ↑Tue Oct 27, 2020 6:33 pm I'm being facetious, but it's almost like your MIL hated her sons and left them this mess to deal with
On a more serious note, I was with raybo about your husband walking away from it, but I just saw your response stating that's not an option.
Ok, so it *could* be worth $600,000 if it was renovated. Who's paying for the renovations? Your and your husband? The mooch? Or the degenerate?
You might find that after renovation costs, possible legal action, and bad feelings all around, walking away from this might be the best move.
Edit: Or force a partition as mentioned above. Here's an article on a Florida law firm's website:
"How an Action for Partition Works in Florida" - dhclaw.com
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Re: Battle O'r the Estate
No, he doesn't want to do that.atikovi wrote: ↑Tue Oct 27, 2020 7:00 pmSo a quarter million or more property divided 3 ways. Say $100,000 each optimistically. If the bro that want's to keep it can't get a $200K mortgage, could you front him your share and pay off #3 bro? i.e., lend him the $200K on a property worth twice that?
Re: Battle O'r the Estate
Sure, you need an attorney's advice to help you proceed.Independent George wrote: ↑Tue Oct 27, 2020 6:44 pmThis is pretty much what the financial situation comes down to, but there's also the emotional side of it which has nothing to do with the value of the estate.Quirkz wrote: ↑Tue Oct 27, 2020 6:35 pm+1. If nice brother can't buy it, he can't buy it. He can take his share of the proceeds somewhere else and buy a more affordable place. Everybody else gets some cash, and the matter is settled.adamthesmythe wrote: ↑Tue Oct 27, 2020 6:29 pm The way to settle disagreements over jointly owned property is to sell it and divide the proceeds.
If the various owners can't agree a partition lawsuit will force the sale.
All three siblings need to sit down in a room and hash things out if they want to avoid resentment for the next few decades.
The optimal solution is that all 3 sons meet in person or virtually and work it out with a 3-0 vote on every issue. In these situations nobody gets exactly what they want. The best way is to argue or discuss it out. I wouldn't throw 10 cents at any solution unless you can come to an agreement on every little related issue.
If you have to hire an attorney to force the issue, that's your money gone. I would take 3 attempts to have a meeting before lawyering up.
You might need an arbitrator at some point.
When I was involved this type of situation, we got coaching from an attorney and an accountant. We agreed that all details would require a 5-0 vote. It took a year or more to work through everything. We began by meeting in person; the meetings moved to the telephone; small details were worked out by email or text. The in person meetings took some travel; they were once a month. The discussion got hot sometimes; sometimes a calmer spouse would replace one of the siblings in the meeting. The phone meetings were more frequent. Once everyone realized that we were a team and not individuals we got things done.
Last edited by hudson on Tue Oct 27, 2020 7:39 pm, edited 3 times in total.
Re: Battle O'r the Estate
Contact the county where your MIL died.
Find out what the procedure is when someone dies intestate. I believe the county will appoint someone to oversee the disbursement of the deceased’s estate.
Decide if you can live with the county’s procedures. If so, then the matter is out of your husband’s (and his brothers’) hands, unless one of them then hires a local attorney to represent his interests.
Find out what the procedure is when someone dies intestate. I believe the county will appoint someone to oversee the disbursement of the deceased’s estate.
Decide if you can live with the county’s procedures. If so, then the matter is out of your husband’s (and his brothers’) hands, unless one of them then hires a local attorney to represent his interests.
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Re: Battle O'r the Estate
This. Your husband and his brothers do not yet own the property. So I don’t see how anyone can sue to partition. The estate needs to be settled first. Then decide your next steps.delamer wrote: ↑Tue Oct 27, 2020 7:31 pm Contact the county where your MIL died.
Find out what the procedure is when someone dies intestate. I believe the county will appoint someone to oversee the disbursement of the deceased’s estate.
Decide if you can live with the county’s procedures. If so, then the matter is out of your husband’s (and his brothers’) hands, unless one of them then hires a local attorney to represent his interests.
Re: Battle O'r the Estate
Is your husband asking for any advice?
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Re: Battle O'r the Estate
Bless his heart, my husband once paid $4.99 to free credit report.com for 10 years and had no idea. He also over paid his income property condo maintenance by $10,000 because he had autopayments set for the 1st and 30th of the same month. So he doubled paid each month and didn't know for five years. (before he met me).
So I'm not really sure I understand your question. Is my husband asking? Yes and no. Yes in the sense that he knows deep down that it is the smart/right thing to sit down and to come up with a plan, but no, because of his family dynamics. He's frustrated that its taking so long for his mooch brother to get a loan and he keeps getting rejected so he does wonder if something is fishy going on. Also the degenerate brother is cosigning with the mooch but that is still dragging out. So he def has reservations and is wondering if shady things are happening.
So did he care that he over paid his condo maintenance? yes. did he care enough to call them to fix it... no. Which is why I had to.
So I'm not really sure I understand your question. Is my husband asking? Yes and no. Yes in the sense that he knows deep down that it is the smart/right thing to sit down and to come up with a plan, but no, because of his family dynamics. He's frustrated that its taking so long for his mooch brother to get a loan and he keeps getting rejected so he does wonder if something is fishy going on. Also the degenerate brother is cosigning with the mooch but that is still dragging out. So he def has reservations and is wondering if shady things are happening.
So did he care that he over paid his condo maintenance? yes. did he care enough to call them to fix it... no. Which is why I had to.
Re: Battle O'r the Estate
I will give this a hard second. Renovating is a risky endeavor that requires skill. If you believe that you can pull it off and make a fast buck then offer to buy the other 2 out. You don't want a design committee of 3 brothers.
I think there are 2 other options.
Offer the mooch the option to buy out at a discount to the appraised value. Say 20%. Figuring that there is a 100k mortgage plus selling costs you would be walking away from 15k to 20k. Preserves the family peace at a reasonable price. If he is a true mooch he still won't be able to raise the money so it is a nice gesture with low consequences. If he takes you up on that option, sell, and never look back or regret the decision.
Sale, split the proceeds. Cleanest option.
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
Re: Battle O'r the Estate
It may well be that the mooch does not have the income to support the loan. I would set a hard deadline. The date should be generous, but if loan has not closed by X it goes on the market.MissHavisham wrote: ↑Tue Oct 27, 2020 7:55 pm He's frustrated that its taking so long for his mooch brother to get a loan and he keeps getting rejected so he does wonder if something is fishy going on. Also the degenerate brother is cosigning with the mooch but that is still dragging out. So he def has reservations and is wondering if shady things are happening.
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
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Re: Battle O'r the Estate
I hope OP has sound finances, that is, decent income and savings for retirement. If so it will be easy to regard this as a possible unexpected 100K that won't change her life. Not an opportunity to go full Fixer Upper and make a killing in real estate.
If thinking that way- it's easy to avoid the two risky ideas put forward above, that involve putting real money into this project. DON'T loan the brother money and DON'T try to renovate.
The most money that should be put into this is several thousand (or a few tens?), if necessary for a partition action. Indeed, maybe even a thousand or so worth of consultation with a lawyer, followed by serious steps toward a partition action, will be enough to move this thing along.
I agree that having indivisible property go to multiple heirs, either by will or by lack of one, verges on being an albatross not a desirable bequest.
If thinking that way- it's easy to avoid the two risky ideas put forward above, that involve putting real money into this project. DON'T loan the brother money and DON'T try to renovate.
The most money that should be put into this is several thousand (or a few tens?), if necessary for a partition action. Indeed, maybe even a thousand or so worth of consultation with a lawyer, followed by serious steps toward a partition action, will be enough to move this thing along.
I agree that having indivisible property go to multiple heirs, either by will or by lack of one, verges on being an albatross not a desirable bequest.
Re: Battle O'r the Estate
When my father passed he left my sisters and me the house on a lake that was originally a cottage that we all grew up visiting regularly. We would have loved to keep it in the family. We sold it for what we could get because every other option was an imposition on someone.
Everyone gets what they deserve.
Everyone gets what they deserve.
Re: Battle O'r the Estate
This is incorrect. There must be an administration of the estate in Florida. It isn’t automatically in the names of the sons. You need to have the estate administered with the personal representative dealing with the property.MissHavisham wrote: ↑Tue Oct 27, 2020 6:09 pm
It is my understanding that when one passes without a will, as my mother in law has, that their beachfront condo (only asset) in Florida will automatically get put into the names of all three sons.
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
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Re: Battle O'r the Estate
Is there an implication of the mooch paying the mortgage and bills on the property- I think that would eventually factor into the division- so if he paid $3,000 of the mortgage, $1,000 was his share and $2,000 was for your husband and the brother. That would need to be factored in when doing the estate division.
I guess technically you don’t have to do a thing and the county will do it all for you. Just sit back, relax, and let what will come to pass (liquidation) come to pass.
Where will the mooch go if the condo is forced to be sold? Move in with you?
I guess technically you don’t have to do a thing and the county will do it all for you. Just sit back, relax, and let what will come to pass (liquidation) come to pass.
Where will the mooch go if the condo is forced to be sold? Move in with you?
Re: Battle O'r the Estate
+1 on the comments this all needs to be administered through the court. If the personal representative is not your husband, your husband may not be able to do anything right now, even if you desire otherwise. And as much as you may want a resolution, it’s your husband’s issue to deal with when the proper time comes.
Re: Battle O'r the Estate
Doesn't someone have to ask the county to appoint a personal representative?
Can the OP's husband ask to be the personal representative?
- Pros = it stays in the family
- Cons = personal representative will need to make decisions and it sounds like no matter which decision is made one of the brothers will not be happy
If the OP's husband does not offer to be the personal representative, will the county ask each of the other brothers if they want to do it before the county appoints a third party, or will they just appoint a third party?
OP's husband asking to be appointed the personal representative may be the least of all evils for OP's husband.
Many people would rather a bad situation over which they have some control over a bad situation over which they have no control.
Can the OP's husband ask to be the personal representative?
- Pros = it stays in the family
- Cons = personal representative will need to make decisions and it sounds like no matter which decision is made one of the brothers will not be happy
If the OP's husband does not offer to be the personal representative, will the county ask each of the other brothers if they want to do it before the county appoints a third party, or will they just appoint a third party?
OP's husband asking to be appointed the personal representative may be the least of all evils for OP's husband.
Many people would rather a bad situation over which they have some control over a bad situation over which they have no control.
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Re: Battle O'r the Estate
House must be sold and money divided..