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Inheritance Dispute Between Siblings

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If you're a RE agent/broker who has been successful that deal would likely not be of interest. Plenty of hungry folks just starting out would be willing to take that risk, I suspect.

Most agents answer to a broker so the most companies would turn it down, imo. What is the incentive to work for some one if you are not going to be paid ? A market analysis with comps involves time and most are willing to go this far without commitment. It takes more time for the listing of price and taking offers for discovery. With no intention of selling this is ridiculous.

I really doubt that two squabbling siblings would be happy with any decision so let them have at it in court or arbitration.

The one thing I have learned in this thread is that adding an acceptable way to determine value in a trust or will would solve this problem. The trust we were involved with did have a process for values so it was easy to terminate. Our trust has this feature too. I would blame the person that drafted the trust for the problems encountered now. I wonder if it was a diy trust, lol.

Bill
 
Most agents answer to a broker so the most companies would turn it down, imo. What is the incentive to work for some one if you are not going to be paid ? A market analysis with comps involves time and most are willing to go this far without commitment. It takes more time for the listing of price and taking offers for discovery. With no intention of selling this is ridiculous.

I really doubt that two squabbling siblings would be happy with any decision so let them have at it in court or arbitration.

The one thing I have learned in this thread is that adding an acceptable way to determine value in a trust or will would solve this problem. The trust we were involved with did have a process for values so it was easy to terminate. Our trust has this feature too. I would blame the person that drafted the trust for the problems encountered now. I wonder if it was a diy trust, lol.

Bill
No, not DIY.
But... After death it was discovered that the proper paperwork was not completed to place title of home in trust. There was potential for the house having to be probated. Turns out it must happen often enough that there's a law in CA that says if intention can be shown -- then it's okay. (Very abbreviated version.)
But that means an Attorney has already been dragged in.
 
No, not DIY.
But... After death it was discovered that the proper paperwork was not completed to place title of home in trust. There was potential for the house having to be probated. Turns out it must happen often enough that there's a law in CA that says if intention can be shown -- then it's okay. (Very abbreviated version.)
But that means an Attorney has already been dragged in.

It would be nice if the siblings could agree to accept this attorneys advice on the split. Good Luck !!

Bill
 
I tried to read thru the whole thread. Not sure if this was brought up or not. In NJ the executor receives a percentage of the value of the entire estate. DHs sister was executor of their moms estate. She wanted to buy out everyone’s share of moms house down the shore. It was a low offer, but DH didn’t want it, nor ho
is brother. Our kids share was small and no way could they buy out anyone. The sister said she would waive the executors fee in exchange for the low offer. So they all agreed. And guess what…..she went ahead and took her percentage out of the estate account without telling anyone and before the estate was settled. So the other brother no longer speaks to anyone, DH was very upset but didn’t want to lose his relationship with his sister, I was deeply hurt for my kids. Things are not the same between us, I hate liars.
Anyway, your daughter may be double dipping if she gets executors fees.
 

Why is this a problem?

When I buy a house, I want to get it for the least amount of money possible. When I sell, I want to sell for the most money possible. Why should anyone else be any different? Nothing would make me happier than to buy houses for $1 and turn around and sell them 10 minutes later for $1 million. I could do that all day, every day.

The only problem I see, so far, is that nobody knows what this house is actually worth. If they had an exact number, this would become academic. So somebody needs to do their homework and find out. Until then, it's ridiculous to assign blame or point fingers. People are going to do what is best for them. To expect otherwise is contrary to everything we know about human nature.

Try this:

"Assume that the actual value of this house turns out to be $1.2 million. If that turned out to be true, can you two come to an agreement?"

Then turn whatever numbers they come up with into a percentage of the 1.2 million sales price. When the actual price is revealed, through listing the house, apply those percentages.

I think people are making this much harder than necessary.

Sorted.
 
Your daughter sounds a bit like mine. She's a tough one.
 
Why is this a problem?

When I buy a house, I want to get it for the least amount of money possible. When I sell, I want to sell for the most money possible. Why should anyone else be any different? Nothing would make me happier than to buy houses for $1 and turn around and sell them 10 minutes later for $1 million. I could do that all day, every day.

The only problem I see, so far, is that nobody knows what this house is actually worth. If they had an exact number, this would become academic. So somebody needs to do their homework and find out. Until then, it's ridiculous to assign blame or point fingers. People are going to do what is best for them. To expect otherwise is contrary to everything we know about human nature.

Try this:

"Assume that the actual value of this house turns out to be $1.2 million. If that turned out to be true, can you two come to an agreement?"

Then turn whatever numbers they come up with into a percentage of the 1.2 million sales price. When the actual price is revealed, through listing the house, apply those percentages.

I think people are making this much harder than necessary.

Sorted.
Why? Because they are brother and sister and she is the trustee (I think but now not sure if the house wasn't in the trust.) This isn't an arms length transaction among strangers where each side is only looking out for their own best interest and owes no obligation to the other.

Yes they could try to get an agent to take offers under the farce of a sale and then not pay the agent, but that is inviting new problems. But regardless, I think they both know what it is worth, but SHE doesn't care. She already said she doesn't want a fair to both sides transaction.
 
I tried to read thru the whole thread. Not sure if this was brought up or not. In NJ the executor receives a percentage of the value of the entire estate. DHs sister was executor of their moms estate. She wanted to buy out everyone’s share of moms house down the shore. It was a low offer, but DH didn’t want it, nor ho
is brother. Our kids share was small and no way could they buy out anyone. The sister said she would waive the executors fee in exchange for the low offer. So they all agreed. And guess what…..she went ahead and took her percentage out of the estate account without telling anyone and before the estate was settled. So the other brother no longer speaks to anyone, DH was very upset but didn’t want to lose his relationship with his sister, I was deeply hurt for my kids. Things are not the same between us, I hate liars.
Anyway, your daughter may be double dipping if she gets executors fees.
Assuming this is a trust (now unclear), there is no executor. Trustee is compensated based on what the trust says, and most don't compensate family members beyond a nominal stipend unless overly complicated.
 
Y
No, not DIY.
But... After death it was discovered that the proper paperwork was not completed to place title of home in trust. There was potential for the house having to be probated. Turns out it must happen often enough that there's a law in CA that says if intention can be shown -- then it's okay. (Very abbreviated version.)
But that means an Attorney has already been dragged in.
Not okay, you still have to petition and get an order from the probate court (but not go "through" probate.). This is a Heggstad petition under CA Probate code 850.
 
Why? Because they are brother and sister and she is the trustee (I think but now not sure if the house wasn't in the trust.) This isn't an arms length transaction among strangers where each side is only looking out for their own best interest and owes no obligation to the other.

Yes they could try to get an agent to take offers under the farce of a sale and then not pay the agent, but that is inviting new problems. But regardless, I think they both know what it is worth, but SHE doesn't care. She already said she doesn't want a fair to both sides transaction.

We don't know this. We don't know what the house is actually worth. We don't know if they can meet in the middle.

All we know, is that there are too many variables to make any kind of judgement call.
 
Why is this a problem?

When I buy a house, I want to get it for the least amount of money possible. When I sell, I want to sell for the most money possible. Why should anyone else be any different? Nothing would make me happier than to buy houses for $1 and turn around and sell them 10 minutes later for $1 million. I could do that all day, every day
Maybe I am in the minority, but you don't try to get a good deal at the expense of your siblings. The good deal the daughter is trying to procure is going to cause irreparable damage to the sibling relationship.

To the original poster this is a sign that you need to amend your will or trust and be very specific how your assets are divided including whether to use appraised value or fair market value on your real estate assets.
 
Maybe I am in the minority, but you don't try to get a good deal at the expense of your siblings. The good deal the daughter is trying to procure is going to cause irreparable damage to the sibling relationship.

To the original poster this is a sign that you need to amend your will or trust and be very specific how your assets are divided including whether to use appraised value or fair market value on your real estate assets.

Again, we don't know this.

I'm not going to look down on anyone who wants to buy a house at a good price. I'm not going to pass judgement without any useful information, either. We know the general neighborhood the house is worth. But there's an AWFUL lot of latitude in that neighborhood.

Until I read "we have a solid cash offer for $X.X million," I'm not going to start flinging words like "greedy" about.
 
Maybe I am in the minority, but you don't try to get a good deal at the expense of your siblings. The good deal the daughter is trying to procure is going to cause irreparable damage to the sibling relationship.

To the original poster this is a sign that you need to amend your will or trust and be very specific how your assets are divided including whether to use appraised value or fair market value on your real estate assets.
Better to leave if all to charity or someone else it seems.
 
Again, we don't know this.

I'm not going to look down on anyone who wants to buy a house at a good price. I'm not going to pass judgement without any useful information, either. We know the general neighborhood the house is worth. But there's an AWFUL lot of latitude in that neighborhood.

Until I read "we have a solid cash offer for $X.X million," I'm not going to start flinging words like "greedy" about.
The attitude is greedy regardless of the numbers.

She is entitled to an in house discount or family discount or quick sale discount. What is the value of getting a cheque from a family member as opposed to a stranger? Ideally house is sold as is with no contingency.
 
The brother could offer to buy her out at that price. Then watch the sparks fly. I nearly did this when BIL was lowballing us on the price of their parents home, but we were working with a lawyer who was acting as the executor.

If the brother is feeling that she is dealing in bad faith, if she is a CPA, he could file a complaint with the licensing organization. (Nuclear option)
 
The attitude is greedy regardless of the numbers.

She is entitled to an in house discount or family discount or quick sale discount. What is the value of getting a cheque from a family member as opposed to a stranger? Ideally house is sold as is with no contingency.


Are you willing to stake your reputation on the actual value of the house? I'm not.

It's EASY to determine the real value. And then they can sit down and decide what's fair. Until then, it's a bunch of timeshare owners armchair quarterbacking a real-estate market most of them know zero about.

My advice to find out what it's actually worth, first, is positively boring by comparison.
 
Maybe I am in the minority, but you don't try to get a good deal at the expense of your siblings. The good deal the daughter is trying to procure is going to cause irreparable damage to the sibling relationship.

To the original poster this is a sign that you need to amend your will or trust and be very specific how your assets are divided including whether to use appraised value or fair market value on your real estate assets.

I agree….with my SIL we knew she was going to use the house and not try to flip it…..the real estate market was not exactly on fire at the time, but it WAS a house on the water down the shore. But being untruthful about the executor fees was not right.

yes, it is a reminder to some of us to make our final wishes crystal clear. My intention is to write letters also, to further explain why we are doing what we are doing. I’m not expecting to have much in liquid assets if we live as long as I’m planning. Our house will probably be it, unless we have to sell it to move back closer to our kids if we get too old…..one reason why we had the elevator installed…to stay as long as possible.

@b2bailey you're doing a good job trying to stay neutral. But the fact that your daughter uses your love for your grandkids to influence you, that’s really not nice. Good luck! Thanks for the lively conversation.
 
I agree with one of the first posters. Put the house up for sale and she has to then buy it herself outright. That way if there is a bidding war from strangers it will be 'fair'. The only thing that should be deducted before 'pay out' is the agent and selling fees.
It sounds like she only wants it as an investment property anyway so she can always just use the proceeds to put down on a house elsewhere if she isn't the highest bidder.
 
Y

Not okay, you still have to petition and get an order from the probate court (but not go "through" probate.). This is a Heggstad petition under CA Probate code 850.
Yes, that's what the attorney was able to do.
 
Are you willing to stake your reputation on the actual value of the house? I'm not.

It's EASY to determine the real value. And then they can sit down and decide what's fair. Until then, it's a bunch of timeshare owners armchair quarterbacking a real-estate market most of them know zero about.

My advice to find out what it's actually worth, first, is positively boring by comparison.
No, it's not.

Unless it is a cookie-cutter tract house, any piece of real estate will have unique features making valuation imprecise.
 
But... After death it was discovered that the proper paperwork was not completed to place title of home in trust. There was potential for the house having to be probated. Turns out it must happen often enough that there's a law in CA that says if intention can be shown -- then it's okay. (Very abbreviated version.)
But that means an Attorney has already been dragged in.
After re-reading this thread it appears this appraisal was probably done awhile ago. The CPA daughter had the house reappraised as of the date of the father's death for the step up basis. A Heggstad petition takes some months to go through the court to have the asset considered part of the trust. So the appraised value of the house was done months ago and that appraised value can be quite different from the current market value. It could be positive or negative. As a solution have the home reappraised with an appraiser of mutual agreement and use this number as the sale price.
 
I tried to read thru the whole thread. Not sure if this was brought up or not. In NJ the executor receives a percentage of the value of the entire estate. DHs sister was executor of their moms estate. She wanted to buy out everyone’s share of moms house down the shore. It was a low offer, but DH didn’t want it, nor ho
is brother. Our kids share was small and no way could they buy out anyone. The sister said she would waive the executors fee in exchange for the low offer. So they all agreed. And guess what…..she went ahead and took her percentage out of the estate account without telling anyone and before the estate was settled. So the other brother no longer speaks to anyone, DH was very upset but didn’t want to lose his relationship with his sister, I was deeply hurt for my kids. Things are not the same between us, I hate liars.
Anyway, your daughter may be double dipping if she gets executors fees.
S
Why is this a problem?

When I buy a house, I want to get it for the least amount of money possible. When I sell, I want to sell for the most money possible. Why should anyone else be any different? Nothing would make me happier than to buy houses for $1 and turn around and sell them 10 minutes later for $1 million. I could do that all day, every day.

The only problem I see, so far, is that nobody knows what this house is actually worth. If they had an exact number, this would become academic. So somebody needs to do their homework and find out. Until then, it's ridiculous to assign blame or point fingers. People are going to do what is best for them. To expect otherwise is contrary to everything we know about human nature.

Try this:

"Assume that the actual value of this house turns out to be $1.2 million. If that turned out to be true, can you two come to an agreement?"

Then turn whatever numbers they come up with into a percentage of the 1.2 million sales price. When the actual price is revealed, through listing the house, apply those percentages.

I think people are making this much harder than necessary.

Sorted.
My favorite words on the subject -- I went back to find it, but couldn't --
Where you mentioned the tried and true method of fairness.
One does the slicing -- the other gets first choice.

Trying to figure out how to apply this method.

Problem is, daughter wants to do the slicing, and have first choice.

I was surprised to receive a private text today from my son:
"I actually want her to have it-- just not strictly under her terms."
 
I tried to read thru the whole thread. Not sure if this was brought up or not. In NJ the executor receives a percentage of the value of the entire estate. DHs sister was executor of their moms estate. She wanted to buy out everyone’s share of moms house down the shore. It was a low offer, but DH didn’t want it, nor ho
is brother. Our kids share was small and no way could they buy out anyone. The sister said she would waive the executors fee in exchange for the low offer. So they all agreed. And guess what…..she went ahead and took her percentage out of the estate account without telling anyone and before the estate was settled. So the other brother no longer speaks to anyone, DH was very upset but didn’t want to lose his relationship with his sister, I was deeply hurt for my kids. Things are not the same between us, I hate liars.
Anyway, your daughter may be double dipping if she gets executors fees.
Daughter mentioned she is entitled to fee of .01 % of estate value.
 
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