Divorced and no will .HOUSE IN BOTH NAMES .one sinblig wants money for share other 2 not .In high court divorced Master said the house must go to eife but she did not go and register only in her name .What now?
My brother bought me out, he wanted my parents' house. It wasn't hard. He paid me half of what the house appraised for. It was written in the papers that went to probate. My dads will stated that we were to split everything 50/50.
I hope NOBODY has to go through the nonsense I'm dealing with. Prenups and a will DOESN'T matter if someone is WITH HOLDING paperwork. ANY ADVICE I can give is MAKING sure the ATTORNEY has copies for all involved. Not EVERYONE is a descent human being.
This video has been very beneficial thank you very much! My mom recently passed leaving her house behind. It is not a well maintained house. My sister wants to sell it and I want to buy her out and fix it up possibly. I’m just concerned about if there’s any really big problems with the house. I’m talking with a real estate agent and he said I should get a inspection done first. Our succession lawyer Wants to know if I want to just sell it with my sister or to buy her out that way he knows how to proceed next. I’ve only ever rented in my life I have no idea how to be a homeowner I’m so Nervous😬 . Ps I love what you did with your hair and You have come along way in your quality of videos on CZcams since you first started! (If you can’t tell I’ve been binging your videos) 😂
John, Thank you for binging my videos 😊 and the compliment on my hair! I agree with the real estate agent that recommended you obtain an inspection on the house prior to going forward with potentially purchasing the home. You may also want to get an appraisal for the current market value of the home. If you do not have cash to purchase the home, you’ll want to obtain a mortgage lender to help you qualify for financing a loan (this should probably be your first step because you wouldn’t want to pay out for an inspection and an appraisal if you aren’t able to qualify or comfortable with what your payment would be). Good luck and let me know how it turns out. Kim
I hope it worked out for you buying out the house… Times are hard and being a homeowner is a great source of happiness if you maintain it and make it your own ❤ There are companies buying up ANY HOUSE THEY CAN AT TOP PRICES… I had 1 of those too good to be true offers that I almost went for… but with mortgage rates only predicted to go up and to a point most WOULDNT be able to afford ESPECIALLY THESE DAYS… I chose to keep it for now… Maybe if I sell then I will take the time to ensure to sell to someone wanting to actually buy a home of their own… not make it so some big company has rentals to offer… The extra $ would be nice as far as helping update the house I’m going to be moving into but I AM LOOKING AT THINGS FROM OUR COUNTRIES PERSPECTIVE AND THINKING I MAY JUST BE 1 person selling 1 house but that’s how they are slowly buying everything up… 1 home at a time… reading your comment made me think about all of that… lol I hope it worked out for you❤
This is such good information, it has been such a guide for what I am going through, my younger siblings do not want our inherited property but I do, my attorney is assisting me with this, we are at the legal binding part, so in my case he is looking into how to take the property out of the trust and the trustees name who is not one of the beneficiaries, your videos are such a great tool through my journey in this.
I'm so glad my videos have been helpful for you. Good luck with the deed transfer process, you're already on the right track hiring an attorney to represent you through the process!
Great & helpful video. I'm a successor trustee & caregiver for my sister. She doesn't want to move or sell ,but my brother wants to sell the inherited property. I'm in the process of learning to work things out with an appraiser & banker etc. Thank you.
Will states “upon the death of the last parent, the house is to be sold and divided equally amongst the five siblings” which are named. The youngest sibling #5 moved in and is a squatter, refuses to comply, been to court with attorneys and judge said to go into mediation. After five years of trying to get a mediation session, we had to get the judge to issue a court order for mediation. We just finished that session and #5 offered us $1,000.00 on a $400,00.00 home. As soon as we declined that offer #5 and his lawyer got up and walked out, end of session. I really don’t understand why the judge in the first place didn’t just act on the WILL. It is legal, prepared by an attorney with witnesses signatures and filed with the county. And what part of “equally” did the judge, #5 and his attorney do they not understand?
Im sorry Robert that is terrible. We see struggles like this happen because legally a will is not as binding as a trust. I would keep pushing forward with your attorney. Good luck to you.
So, the new lawyer supposedly a litigation lawyer wants $20K from each of us four siblings upfront and 40% of the settlement afterwards. Putting the pencil to it it is not worth pursuing. My initial $20,000 up front can best produce revenue in its IRA place because if I withdraw that money not only will I have to pay tax on it it goes towards my income thus projecting me into a higher tax bracket AND increasing my Medicare premiums. Don’t think the IRS would be looking at that for an aggressive use of deadly force audit.
Oh yes! Be glad that is ALL. I'm dealing with 2 step mothers (one an ex)! My dad had an iron clad paperwork and prenup. Playing Hide the paperwork since 2020 and she doesn't even live in the home. Squatting is an understatement because that is where the girlfriend has kids with my brother DAMAGING the property and the ex-wife is behind that one. I only have one surviving brother and we are working together. The disrespect is off this planet. I'm going to haul all their asses into a civil suit for their involvement once this nonsense is over. I'll let a judge decide because I'm ready to freeze bank accounts and put liens on their property. Why do people have to be so ugly and entitled. It's disgusting and NOBODY wins. We had a buyer which is my late fathers brother. How can people act that way when it's NOT theirs to begin with? They didn't work for any of it. Then destroying property that is NOT theirs and squatting. I didn't even mention NO funeral for my father whatsoever and SHE walked out with 750k after.
I forgot to mention above, that $20,000 retainer was from each of the siblings involved. 4 X 20K = 80,000 then if we get an award he wants 40% from each one of us. You see why I choose not to pursue it any further.
Very helpful! My wife's dad died some time ago and in his will he left 50% of their home to his four children (so each inherited 12.5% from him) and then 50% to my wife's mother. My wife's mother recently passed away and her will left her portion of the house to the four children in equal amounts. We have a good appraisal, one sibling wants to keep the house, and buy out the others. Everything is very amicable. There is cash and stocks, etc to even everything out, and there is no need for that sibling to obtain a loan or anything like that. The question is, what value should be placed on the home? I have two basic ideas. One is that 100% of the house goes into the estate, that sibling takes that amount as their inheritance, the others get that same amount in cash, etc - so I call this the 100% idea. But the other option I think may need to be considered is that that sibling already owns 12.5% of the home from their father, and so the "buy out" of the interests of the other siblings would be 87.5% of its appraised value. It is in all honesty in the big picture a minor matter, but I was wanting someone to maybe have an unbiased opinion about which seems to be the right thing to do. Does the sibling buy out the others by paying the 100% amount (they all get that amount in cash from the estate so it is all even)... or is it that they already own the 12.5% so they would buy out the others by basically having the others take 87.5% of the value of the home from the estate....splitting whatever is left over after. Thanks in advance!
Michael, I just had another question regarding one beneficiary buying out the other siblings, so this subject is very fresh in my mind. You’ll want to get an appraisal so that you have an accurate value as of your father-in-laws date of death. Then determine the fair amount that would be split among the beneficiaries. Keep in mind that if a beneficiary buys the house for the appraised amount, the other beneficiaries would be benefiting a bit more because there wouldn’t be real estate commissions. Of course, I’m going to recommend that you all consult with a real estate attorney to be certain that everything is done correctly. Good luck to you!
What happens if there is a mortgage on the house but it is considerably less than what the house is worth. My sister wants to buy me out. She is telling me the buyout is the half the appraised value of the home minus the amount owed on the home. My research is saying that half is the appraised value of the home. Which one is correct? And thanks for this video. I’m happy I found it.
Kimberly, I’m glad you liked my video. Regarding your sister buying you out of the property, your sister is somewhat correct. Getting an appraisal is key. Then taking the appraised value minus the mortgage payoff and then paying you 50% would appear to be fair. Keep in mind that in this scenario, there wouldn’t be any real estate commissions. So, you would be ahead if she doesn’t minus an approximately 5% commission from the value of the property after paying off the mortgage. If you are unsure of taking this action, contact a real estate attorney. Hope this helps!
Thanks so much for your tips. My Dad was very financially savvy, so everything was put in trust before he died. My mom wisely chose an investment company with a lawyer who specializes in these legal issues. She's been a lifesaver!
That is wonderful! I'm so glad to hear that your parents were able to setup their trust so that the pressure of probate wasn't a part of settling their estate for you. Thank you for watching a commenting!
If you use the appraised value to decide how to divide the cost, it would not take in consideration of capital gain upon selling and property tax which at least in California where I live could be in the thousands.
Thank you for commenting. The concern about potential capital gains should be addressed to tax professional. Regarding property taxes, here in San Diego, upon the death of an owner of a real property, the San Diego county, tax assessor will reassess the property taxes to the current rate, as of the date of death. That said, the personal representative may not be aware of this until six months to a year or more after selling the real property. Our team always recommends that upon sale the personal representative does not distribute all of the funds but, hold back $20,000 or more in the estate account until the supplemental tax bill has been received from the San Diego county tax collector. Once that potentially large bill has been paid, then the remaining funds could be released to the beneficiaries. Hope this helps, and thank you for watching!
My mother in law turns 100 in June with four children. So your article was very helpful and timely. I'll keep in mind your suggestion about holding back $20k in the estate. @@ProbateandTrustHelp
My two older sisters and I inherited the property I lived in with my father who recently passed away. My impression is that one sister's husband was trying to get my sister to sell the house as quickly as possible and was making plans without consulting me, even going so far as to suggest that I live in temporary housing at their expense. The house is in probate and I'm the administrator. Even though it'll be difficult, I currently qualify for a buyout loan and wish to buy her share. My other sister just wants me to pay the mortgage and we've discussed it numerous times over the years. Unfortunately, the dissenting sister and her husband are not talking to me. It's been very difficult.
disagreeing with your siblings is difficult, I suggest speaking with a lender and having a current value appraisal done on the property. This is because to buy your siblings shares of the house you’ll have to prove you have the funds and means to do so. You must have a current market appraised value of the home ready, because that would be what the home could be approximately be sold for if put on the open market. If you are purchasing the home you could possibly request a 5% reduction because you aren’t needing to compensate a real estate professional. Good luck to you.
I have this situation in the near future. House in Clairemont, rental house with two apartments in Old Town, one of two siblings living with mom in Cl. and I'm sure will want to stay. I would accept his O.T. share and possible cash, or even future equity or like % of Cl. home.
Hi Steven, The good news is that your mom has a trust. If you think there is a will and it might conflict with the trust, my recommendation is that you and your mom schedule an appointment with the attorney that drafted the trust. If that attorney is no longer available, I can introduce you to a great attorney in Clairemont. If your mom is not in a position to make any changes to her trust, you and your siblings may still want to consult with an attorney so that you have a clear understanding of the trust and will. Upon your mother’s passing, it may be possible for you to accept a cash buyout or even the OT property from your siblings living in the your mother’s primary residence or a you state, a percentage of the future equity. If your sibling do continue to reside in the primary residence, be sure to have them contact the San Diego Assessors office to determine if they can keep the property tax base that your mother currently has. Otherwise, the property taxes could increase to the current market. Hope this helps!
3 siblings in a trust. 2 wanted house. The house was appraised. The 2 who wanted house had to give half the appraised value. It wasn't left up to anyone what they would have to pay. It was law. At least in California.
Yes, California sometimes has very clear guidelines on the buyout methods for probates and trusts. For my clients I try to get the most accurate appraised value by providing the appraiser with local current listings that show the estate homes worth. I hope that in the situation you mentioned all the heirs were pleased with the outcome, it can be hard manage everyones feelings during experiences like that.
All 3 siblings were puzzled by how they had to pay the one siblings half the appraised value of the home. All three thought it should be only a third of the appraised value.
@@ProbateandTrustHelp 2 siblings get 33.33% and one gets 33.34%. It's a very simple trust...that's why we were shocked when the lawyer said the one gets half of the appraised value of house...
Sorry for your loss, I know it can be heart breaking to lose all of your loved ones possessions. This is why I always suggest getting a trust as it will prevent these sorts of problems. Thank you for watching and comment!
I'm in the situation you describe...do you handle the legal aspects and can I do this (buyout) without probate. There is a will and I am the executor, so it seems simple if all the siblings agree and I believe they will
Hi JLO, I don't handle any legal aspects, that is the job for an attorney. Here in California the only way to avoid probate is by having the property in a trust, a will is not equivalent to a trust so the sale will still need to go through the probate courts if you're in California. The process can still be simple but I would highly suggest hiring an attorney to manage all the legal aspects for you. Hope this helps!
Hi First of all, Thank you so very much for the very detailed and informative video . My mom passed away intestate. So my sister and I inherited a condo. She said she wanted to sell it. I would like to keep it. Buy her out. I got an appraisal done by an licensed appraiser. The appraisal came back at $65,000 and she wants me to pay her $40,000 just because she thinks she can. I pay all the bills and keep up the property. I told her that I would only pay $32,500 which is half of the appraisal amount. Do you have any suggestions because she is not being fair about this whole situation? Thanks again 🙏🏽
Im assuming the buyer pays the buyer's closing costs and the estate pays the seller's? Or since the buyer is a beneficiary, would buyer also pay his portion of the seller's closing costs?
Thank you--this was so helpful for my current situation. In my case, I'm the executor and splitting up the inherited assets between my sister and myself, mainly a house and stocks. If I'd like to buy out her 1/2 of an inherited property, would I be able to give her that amount in equivalent inherited stocks from my father's portfolio as payment?
Hi Kiera, I'm so glad you found the video helpful, thank you for watching! In regards to your question, I think it would be better to ask your attorney about using the stocks from your inheritance to buy out your sisters share of the property. Wishing you all the luck with settling your loved ones estate.
Does appraiser treat it as a time share? Appraisal should take into account you could not sell a 1/2 of a property. I would like to know how they appraise a 3rd of a property. This may be a question for appraiser not realtor
My mother died in 2018 intestate but the problem is I put my house in her name so I can afford the newly built home for me and my five children. I bought the home in 2003 and the problem is I never change the home over in my name before she passed away…I have ten amazing brothers and sisters 😂❤❤FOE please assist me 😮
That is a challenging situation... Hire an attorney to help you with this immediately. Also, I would gather all documentation pertaining to any payments/repairs/upgrades on the house to show that you have making them. good luck.
Hi Melissa, I assume you’ve spoken to an appraiser or a good real estate professional to determine that the house is not worth what is owed on the mortgage, If not I would suggest doing, so before moving forward. If this is the case you have two options, you can talk with a real estate professional about going through a short sale or you can contact the lender and tell them you’re giving them back the house. You may want to get help from a real estate attorney also. Hope this helps… thank you for loving my video!
What happens when a sibling helped with nothing. The other siblings cared for the parent. The other sibling lived with the parent and paid the taxes and insurance for past 5 years after the time of, passing. All the clean up and fixed up was done by the remaining siblings. The non helpful sibling agreed to take her name off deed. Is now pissed at the others. never thought this would happen with our family.
That sounds like a difficult situation. But, if you all had your names on the deed, and the one sibling chose to not have their name on the deed, then they no longer have any type of ownership to the property.
@@ProbateandTrustHelp Our parent that died. Parents name was on the deed. The non helpful sibling never helped with the sick parent. Said, they have no interest or wants the house. Will and revocable trust said, split everything evenly. The non helpful is now saying since we talked once that they will take their name off the split, but we have to buy them out. Rest of, us siblings are upset about the situation. The greedy selfishness is, just awful. They have money which is, the frustrating part and no help from care to cleaning up the house is, even more irritating. We are going to scrap up some money and deduct expenses from the last few years and give them that and move on with our lives. Thank you for your help. Would rather have our parents then house or material stuff any day.
Yes, a trust prevents the property from going to probate and gives clear guidelines as the how an estate is to be distributed. With just a will most estate still have to go through the probate courts, which is expensive and time consuming. So, as long as the trust is well written and clearly states the wishes of the estate it is far superior to just a will.
yes, siblings can prevent the property from being sold to each other if the offered price is below market value. We suggest having an appraisal completed to determine the value of the property, subtract 6% and present that to your siblings to encourage them to sell to you.
I am going to contest my father's will because I feel my sister talked him into leaving his house to her kids (my father's grandchildren). I wouldn't say anything if they had a close relationship but they don't. The grandchildren might stop by on their birthdays and Christmas with their hands out. They are adults and live maybe 20 minutes away.
Hi Nick, that is an unfortunate situation for you to have to go through. The one suggestion I will make is hire an attorney! I have seen many situations where a beneficiary contest a will, but does so without representation and they nearly always lose. Good luck!
@@ProbateandTrustHelp Thank you and I have hired a attorney. I have asked my sister many times to see our fathers bank account statements and she refuses. We are in Virginia.
My mom had Alzheimer's. My brother had her change a beneficiary on the annuity. So let to him. The will has stated everything goes half. Can I do anything about this.
@@debradagliri1787 I am not a lawyer but I can relate to your problem. It sounds like you're mom was talked into changing the will. Especially with the Alzheimer's. You sound fight for your half and maybe fight for even more. Good luck and take care of yourself.
That’s a great question. In most cases the 2 people that are still alive would be the trustees unless there is specific wording that the decedent’s beneficiary would receive their portion from the trust. Meaning that sometimes the children of the named people in the trust would then become the beneficiaries. It’s best if you have the trust reviewed by a licensed attorney to find out which scenario applies.
My dad passed away with no will. He had 4 girls. 1 sister passed away. She had 2 children. Do they have any say on the property. Or do the 3 siblings left have all the say.
Hi, When someone passes away without a will or trust in place the heirs are determined by intestate succession laws of their state. You'll need to look those up to determine if you are to inherit. I will say that many states succession laws place the spouse, and biological children as the first to inherit but the percentage received many vary.
What if it is not in a will? Intestate. Two siblings have been covering all bills since our dad passed. One want the money. Can the two buyout the third? I.e. appraised at 300k - 150k owed in mortgage = 150k/3= need a loan for 50k for just the one sibling? Can the admin sell to the two siblings and buyout the other one?
This really depends on whether or not the sibling that wants to keep the property can afford to pay the mortgage/loan amount needed. The first thing to do is pay for the property to be appraised and then from there for the sibling that wants to keep the property to speak with a lender. good luck to you.
Hey Kim- I am in this situation with a sister who has been living in this house for the last decade plus. The house is owned by our parents trust and is technically the property of our parents, but this sibling has been living there rent free for over a decade. We are worried that when our parent passes away who is currently in hospice that she will not agree to sell the house in a timely manner or buy us out at market value. The will stipulates that each sibling is entitled to equal share of that house. Our sister is generally unresponsive and not a good communicator regarding anything related to the inheritance. Do you have any recommendations for what we can do to ensure that an equitable outcome is reached in a swift manner. Thanks and love the videos!
We probated my fathers assets, including half of his house that he left to his 3 children and received 2 appraisals for it a year ago. His girlfriend is now trying to get new appraisals at the market value today because the value dropped. Everywhere I look it mentions that if she intends to buyout the other half of the estate that it is valued at the time of death. is this true? She is trying to get market value for today, which I thought only happens if she plans to SELL the house not buying out the house.
Anyone who is going to buy the property will be buying it at current market value not date of death appraised value. The reality is that the beneficiaries are really going to decide if the property can be sold to your fathers girlfriend or not. With that being said allowing her to buy you and your siblings out could save the estate about 5% in fees related to listing and selling the property, so the difference may be made up there. She will still have to hire a licensed appraiser to determine the houses value if that is what she chooses, but the remaining beneficiaries do have say. You may want to consult with a real estate attorney to get legal advice on your specific circumstances, hope this helps.
@@ProbateandTrustHelp yes but she is not selling the house. She is buying out my half of the estate that was given to me at the time of my fathers passing. I believe that the estate should have been valued at the time of death in that scenario.
What are the EXACT steps of the Payment? To Buyout the one sibling of their share of the property. Assuming the two siblings are in agreement. If the one sibling wants to buy out the other, of an inherited property, does the money first get deposited into the "Estate Account"? Then does the Executor write out the Check (from the Estate Account), to the one sibling, while the other sibling gets the Property Titled in his/her name, (after the sibling receiving the money, signs a "QuitClaim Deed")? Is this how the exact steps are performed?? (Also we want to make sure that "Transfer Tax" and "Sales Tax" are Not triggered). Please let me know.
These are some questions and you're about to make a big move. My recommendation is that you gain the guidance of an estate attorney, as well as a tax advisor. This is outside of my licensing and actually I have not had any experience helping one beneficiary buy out the rest of the beneficiaries. So, again, please get the guidance that you really need because you don't want to make a mistake that could cost you in the future. Kim
Hi, it depends on how you organize the transaction, typically whoever is refinancing would pay costs associated with it, that is in this case your sister. hope this helps.
Can you educate meon equally shared inherited property that one sibling wants to wait to sell so says she will buy me out ....so i requested an appraissal ...however my sibling says that she is going to offer me fair market vlue BUT she has the right to subtract 50,000 out of my share to cover future closing costs if and when she decides to sell in the future!!!! This doesn't sound right! To me it makes no sense that the guessing amount of a possible future closing costs down the road will come out of my buyout offer! I thought the point of a buyout offer is because someone doesnt wnt to sell at that time but will offer buyout because their choice is wait to sell if at all.....So i guess to sum it up.....do non existant closing costs ever are used in factoring the buyout offer???
If your sister wants to buy you out, in my opinion, she should be offering you 50% of the appraiser value (assuming it’s just the two of you), minus 5-6% for real estate commission that you wouldn’t be paying. That said, I don’t think it’s fair for her to expect you to fund her potential future closing costs if she should choose to sell.
To clarify, mom passed and left property equally to all 5 children....one of which is trustee. Been almost 4yrs and all other siblings is afraid to confront her with any demand to sell. We inquired at beginning to put our house on market but she talked her way into not putting anything in writing as far as documenting a deadline for her to put all siblings shared inheritance on the market in 1-2 yrs tops if she still hasn't bought her own home...per her verbal agreement!!! But she is very cheap and now lingering in this 6 bedroom home for free and 2 siblings are convinced she is seriously looking! Bottom line is, it is now going on 4yrs. and still refuses to put on market as the trustee. She indicated that 50,000 was her estimate on what closing costs would be so that amount will come out of my share in her buyout offer. ....Hmmmmm, why would I alone have to pay for full 50,000 that she pulled out of the air, when there are 4 other siblings involved>? Do closing costs that are not applicable at time of buyout be included in a buyout per law? Her statement to me is that there is no getting around closing costs ....How can she pull a figure out of thin air for when or if she ever decides to move. @@ProbateandTrustHelp
Really???? Why shouldn't we be splitting that 5-6% cost? It doesn't seem right to be the only one to pay that cost....with this logic, years down the road when she does decide to sell, I already paid for real estate commission by reducing my buyout cost from property value!!! So she is out no cost on her share. i do not understand this .@@ProbateandTrustHelp
Hi Daphne, I think at this point you need to find an estate attorney in your area and ask them these questions. I am not familiar with your families exact circumstances regarding the estate and cannot speak on the details of said circumstances as I am not your legal or real estate representative. All I can do is suggest that you seek help for a professional who can guide you through this difficult situation, I wish you all a speedy resolution.
You left out about a sibling executor that just acts like a dictator and destroys your life, because they're greedy and in a rush for the dollar signs they only care about. (I wound up losing everything I owned!) She's lucky to be alive!
Sound alike another post on another video. Anyway, I’m the executor and I have a sibling who turns out to be duplicitous and underhanded, undermining things I’ve done for our parent, apparently never makes money to support himself but won’t say anything about being strapped, and apparently in big trouble with tax fraud. Everything he does is try to maximize how much money he gets or how fast he gets it. A control freak with a superiority complex yet whose life is a complete shambles as he acts this way. This is the guy who throws wrenches in anything we might do.
Bane, If you are involved in a probate, and there is a property in the estate, it still needs to be addressed. Meaning if there is more owed on the property than what its current market value, the personal representative of the estate needs to coordinate with the lender and potentially giving the home to the lender. Hope this helps! Please let me know how it turns out.
@@ProbateandTrustHelp what I mean is if the mortgage is 250k but it would be worth 350k but it appraises for 200k in its current condition. You would still give the house back or would you have to pay the other heirs?
Hi Bane, if the house appraises for $200K (even if with repairs/updates it would be worth $350K), and there is a mortgage of $250K, your options would be to pay off the mortgage of $250K, see if the lender would be willing to sell as a short sale, or give the property back to the bank. Hope this helps!
If one of the siblings does agree to buy out the other sibling, will this result in the property being reassessed at current value and thus increase the property taxes? Appreciate your feedback, thank you.
Hi Scott, I’m assuming the house is in California? If not I would check with your states tax laws. In California the property taxes will automatically be reassessed as of the date of death UNLESS, a child moves into (or already lives in the property) and they must live in the property for a year. You should contact the tax assessors office to verify that information. Hope this helps!
@@ProbateandTrustHelp Thanks very much. To clarify a bit better. Yes, we are in San Diego and my sister wants to move in, so if she buys out my half, does the property get fully reassessed or just the one half she purchases from me? Appreciate your response, thank you.
Hi Scott, sorry for the late reply, your comment got lost in my feed... That’s a great question. And, since the home is in San Diego, I recommend you contact the San Diego County Tax Assessor/Parent Child Division @ 619-531-5848 or arccpc@sdcounty.ca.gov for an accurate answer. And, please let me know what you discover so that I can share it with others
The representative comes out on top. Especially if there is only the two of you. The beneficiary can't afford an attorney. Better to have sold it to make sure you get your true market half
I'm not sure what you mean by this comment, if you have a question I would like answer it for you, can you rephrase it? Thank you for watching and commenting.
@@ProbateandTrustHelp Hi Kim, I cant remember exactly, something struck me as funny, maybe one of the stock images or videos. But, thanks for the good info
@Sandy Handy thank you for the clarification, I always worry that me specifying San Diego confuses my followers who are out of the area, but the algorithm helps me find people in my area who need my help if I am specific. I hope that you find my content helpful whether you live in San Diego or not ;-) Take care!
Tell me about your experience buying out the other beneficiaries' of your mutually inherited property.
Divorced and no will .HOUSE IN BOTH NAMES .one sinblig wants money for share other 2 not .In high court divorced Master said the house must go to eife but she did not go and register only in her name .What now?
My brother bought me out, he wanted my parents' house.
It wasn't hard.
He paid me half of what the house appraised for. It was written in the papers that went to probate. My dads will stated that we were to split everything 50/50.
Easy. List it. The sib who wants it makes an offer like anyone else.
I hope NOBODY has to go through the nonsense I'm dealing with. Prenups and a will DOESN'T matter if someone is WITH HOLDING paperwork. ANY ADVICE I can give is MAKING sure the ATTORNEY has copies for all involved. Not EVERYONE is a descent human being.
That i good advice, its important for all the beneficiaries to be informed to keep thing moving along smoothly. Thank you for watching and commenting!
This video has been very beneficial thank you very much! My mom recently passed leaving her house behind. It is not a well maintained house. My sister wants to sell it and I want to buy her out and fix it up possibly. I’m just concerned about if there’s any really big problems with the house. I’m talking with a real estate agent and he said I should get a inspection done first. Our succession lawyer Wants to know if I want to just sell it with my sister or to buy her out that way he knows how to proceed next. I’ve only ever rented in my life I have no idea how to be a homeowner I’m so Nervous😬 . Ps I love what you did with your hair and You have come along way in your quality of videos on CZcams since you first started! (If you can’t tell I’ve been binging your videos) 😂
John, Thank you for binging my videos 😊 and the compliment on my hair! I agree with the real estate agent that recommended you obtain an inspection on the house prior to going forward with potentially purchasing the home. You may also want to get an appraisal for the current market value of the home. If you do not have cash to purchase the home, you’ll want to obtain a mortgage lender to help you qualify for financing a loan (this should probably be your first step because you wouldn’t want to pay out for an inspection and an appraisal if you aren’t able to qualify or comfortable with what your payment would be). Good luck and let me know how it turns out. Kim
How did things go?
I hope it worked out for you buying out the house… Times are hard and being a homeowner is a great source of happiness if you maintain it and make it your own ❤ There are companies buying up ANY HOUSE THEY CAN AT TOP PRICES… I had 1 of those too good to be true offers that I almost went for… but with mortgage rates only predicted to go up and to a point most WOULDNT be able to afford ESPECIALLY THESE DAYS… I chose to keep it for now… Maybe if I sell then I will take the time to ensure to sell to someone wanting to actually buy a home of their own… not make it so some big company has rentals to offer… The extra $ would be nice as far as helping update the house I’m going to be moving into but I AM LOOKING AT THINGS FROM OUR COUNTRIES PERSPECTIVE AND THINKING I MAY JUST BE 1 person selling 1 house but that’s how they are slowly buying everything up… 1 home at a time… reading your comment made me think about all of that… lol I hope it worked out for you❤
This is such good information, it has been such a guide for what I am going through, my younger siblings do not want our inherited property but I do, my attorney is assisting me with this, we are at the legal binding part, so in my case he is looking into how to take the property out of the trust and the trustees name who is not one of the beneficiaries, your videos are such a great tool through my journey in this.
I'm so glad my videos have been helpful for you. Good luck with the deed transfer process, you're already on the right track hiring an attorney to represent you through the process!
Great & helpful video. I'm a successor trustee & caregiver for my sister. She doesn't want to move or sell ,but my brother wants to sell the inherited property. I'm in the process of learning to work things out with an appraiser & banker etc. Thank you.
Im glad the information was helpful, good luck to you through the trust settlement process.
Will states “upon the death of the last parent, the house is to be sold and divided equally amongst the five siblings” which are named. The youngest sibling #5 moved in and is a squatter, refuses to comply, been to court with attorneys and judge said to go into mediation. After five years of trying to get a mediation session, we had to get the judge to issue a court order for mediation. We just finished that session and #5 offered us $1,000.00 on a $400,00.00 home. As soon as we declined that offer #5 and his lawyer got up and walked out, end of session. I really don’t understand why the judge in the first place didn’t just act on the WILL. It is legal, prepared by an attorney with witnesses signatures and filed with the county. And what part of “equally” did the judge, #5 and his attorney do they not understand?
Im sorry Robert that is terrible. We see struggles like this happen because legally a will is not as binding as a trust. I would keep pushing forward with your attorney. Good luck to you.
So, the new lawyer supposedly a litigation lawyer wants $20K from each of us four siblings upfront and 40% of the settlement afterwards. Putting the pencil to it it is not worth pursuing. My initial $20,000 up front can best produce revenue in its IRA place because if I withdraw that money not only will I have to pay tax on it it goes towards my income thus projecting me into a higher tax bracket AND increasing my Medicare premiums. Don’t think the IRS would be looking at that for an aggressive use of deadly force audit.
Even in a TRUST, squatters have more rights. KARMA will catch up to him (drunken B@$turd)
Oh yes! Be glad that is ALL. I'm dealing with 2 step mothers (one an ex)! My dad had an iron clad paperwork and prenup. Playing Hide the paperwork since 2020 and she doesn't even live in the home.
Squatting is an understatement because that is where the girlfriend has kids with my brother DAMAGING the property and the ex-wife is behind that one. I only have one surviving brother and we are working together.
The disrespect is off this planet. I'm going to haul all their asses into a civil suit for their involvement once this nonsense is over.
I'll let a judge decide because I'm ready to freeze bank accounts and put liens on their property. Why do people have to be so ugly and entitled. It's disgusting and NOBODY wins.
We had a buyer which is my late fathers brother.
How can people act that way when it's NOT theirs to begin with? They didn't work for any of it. Then destroying property that is NOT theirs and squatting.
I didn't even mention NO funeral for my father whatsoever and SHE walked out with 750k after.
I forgot to mention above, that $20,000 retainer was from each of the siblings involved. 4 X 20K = 80,000 then if we get an award he wants 40% from each one of us. You see why I choose not to pursue it any further.
Very clear and concise information
Thank you for watching and commenting Rob!
Thank you for the advice ❤ I prayed on answers and I been waiting so long . And I just thank God for guiding me to you thank you … .. God Bless❤💚💜❤️💙
I'm so glad that you found me and are able to use this information to help you. Good luck to you, and thank you for watching and commenting!
Very helpful! My wife's dad died some time ago and in his will he left 50% of their home to his four children (so each inherited 12.5% from him) and then 50% to my wife's mother. My wife's mother recently passed away and her will left her portion of the house to the four children in equal amounts. We have a good appraisal, one sibling wants to keep the house, and buy out the others. Everything is very amicable. There is cash and stocks, etc to even everything out, and there is no need for that sibling to obtain a loan or anything like that. The question is, what value should be placed on the home? I have two basic ideas. One is that 100% of the house goes into the estate, that sibling takes that amount as their inheritance, the others get that same amount in cash, etc - so I call this the 100% idea. But the other option I think may need to be considered is that that sibling already owns 12.5% of the home from their father, and so the "buy out" of the interests of the other siblings would be 87.5% of its appraised value. It is in all honesty in the big picture a minor matter, but I was wanting someone to maybe have an unbiased opinion about which seems to be the right thing to do. Does the sibling buy out the others by paying the 100% amount (they all get that amount in cash from the estate so it is all even)... or is it that they already own the 12.5% so they would buy out the others by basically having the others take 87.5% of the value of the home from the estate....splitting whatever is left over after. Thanks in advance!
Michael, I just had another question regarding one beneficiary buying out the other siblings, so this subject is very fresh in my mind. You’ll want to get an appraisal so that you have an accurate value as of your father-in-laws date of death. Then determine the fair amount that would be split among the beneficiaries. Keep in mind that if a beneficiary buys the house for the appraised amount, the other beneficiaries would be benefiting a bit more because there wouldn’t be real estate commissions. Of course, I’m going to recommend that you all consult with a real estate attorney to be certain that everything is done correctly. Good luck to you!
What happens if there is a mortgage on the house but it is considerably less than what the house is worth. My sister wants to buy me out. She is telling me the buyout is the half the appraised value of the home minus the amount owed on the home. My research is saying that half is the appraised value of the home. Which one is correct?
And thanks for this video. I’m happy I found it.
Kimberly, I’m glad you liked my video. Regarding your sister buying you out of the property, your sister is somewhat correct. Getting an appraisal is key. Then taking the appraised value minus the mortgage payoff and then paying you 50% would appear to be fair. Keep in mind that in this scenario, there wouldn’t be any real estate commissions. So, you would be ahead if she doesn’t minus an approximately 5% commission from the value of the property after paying off the mortgage. If you are unsure of taking this action, contact a real estate attorney. Hope this helps!
Thanks so much for your tips. My Dad was very financially savvy, so everything was put in trust before he died. My mom wisely chose an investment company with a lawyer who specializes in these legal issues. She's been a lifesaver!
That is wonderful! I'm so glad to hear that your parents were able to setup their trust so that the pressure of probate wasn't a part of settling their estate for you. Thank you for watching a commenting!
I'm of a mind to disclaim any inheritance of real estate should it happen. I don't care what it might be worth. Hopefully that's possible.
If you use the appraised value to decide how to divide the cost, it would not take in consideration of capital gain upon selling and property tax which at least in California where I live could be in the thousands.
Thank you for commenting. The concern about potential capital gains should be addressed to tax professional. Regarding property taxes, here in San Diego, upon the death of an owner of a real property, the San Diego county, tax assessor will reassess the property taxes to the current rate, as of the date of death. That said, the personal representative may not be aware of this until six months to a year or more after selling the real property. Our team always recommends that upon sale the personal representative does not distribute all of the funds but, hold back $20,000 or more in the estate account until the supplemental tax bill has been received from the San Diego county tax collector. Once that potentially large bill has been paid, then the remaining funds could be released to the beneficiaries. Hope this helps, and thank you for watching!
My mother in law turns 100 in June with four children. So your article was very helpful and timely. I'll keep in mind your suggestion about holding back $20k in the estate. @@ProbateandTrustHelp
Glad it helped you, thanks for watching.
My two older sisters and I inherited the property I lived in with my father who recently passed away. My impression is that one sister's husband was trying to get my sister to sell the house as quickly as possible and was making plans without consulting me, even going so far as to suggest that I live in temporary housing at their expense. The house is in probate and I'm the administrator. Even though it'll be difficult, I currently qualify for a buyout loan and wish to buy her share. My other sister just wants me to pay the mortgage and we've discussed it numerous times over the years. Unfortunately, the dissenting sister and her husband are not talking to me. It's been very difficult.
disagreeing with your siblings is difficult, I suggest speaking with a lender and having a current value appraisal done on the property. This is because to buy your siblings shares of the house you’ll have to prove you have the funds and means to do so. You must have a current market appraised value of the home ready, because that would be what the home could be approximately be sold for if put on the open market. If you are purchasing the home you could possibly request a 5% reduction because you aren’t needing to compensate a real estate professional. Good luck to you.
Here in Sacramento, Ca. Mom just passed. I'm pretty sure I'll need a probate lawyer and real estate agent. Any help would be appreciated.
thank you ...love the new hair
Thank you for the compliment Corey, it took me about a year to grow it out, but I am so happy that I did. Thank you for watching a commenting.
I have this situation in the near future. House in Clairemont, rental house with two apartments in Old Town, one of two siblings living with mom in Cl. and I'm sure will want to stay. I would accept his O.T. share and possible cash, or even future equity or like % of Cl. home.
Hi Steven, The good news is that your mom has a trust. If you think there is a will and it might conflict with the trust, my recommendation is that you and your mom schedule an appointment with the attorney that drafted the trust. If that attorney is no longer available, I can introduce you to a great attorney in Clairemont. If your mom is not in a position to make any changes to her trust, you and your siblings may still want to consult with an attorney so that you have a clear understanding of the trust and will. Upon your mother’s passing, it may be possible for you to accept a cash buyout or even the OT property from your siblings living in the your mother’s primary residence or a you state, a percentage of the future equity. If your sibling do continue to reside in the primary residence, be sure to have them contact the San Diego Assessors office to determine if they can keep the property tax base that your mother currently has. Otherwise, the property taxes could increase to the current market. Hope this helps!
3 siblings in a trust. 2 wanted house. The house was appraised. The 2 who wanted house had to give half the appraised value. It wasn't left up to anyone what they would have to pay. It was law. At least in California.
Yes, California sometimes has very clear guidelines on the buyout methods for probates and trusts. For my clients I try to get the most accurate appraised value by providing the appraiser with local current listings that show the estate homes worth.
I hope that in the situation you mentioned all the heirs were pleased with the outcome, it can be hard manage everyones feelings during experiences like that.
All 3 siblings were puzzled by how they had to pay the one siblings half the appraised value of the home. All three thought it should be only a third of the appraised value.
I don't know your specific circumstance so I can't speak on it, but sometimes the estate is divided unequally based on the wishes of the decedent.
@@ProbateandTrustHelp 2 siblings get 33.33% and one gets 33.34%. It's a very simple trust...that's why we were shocked when the lawyer said the one gets half of the appraised value of house...
Thank you my father died 2009 he was married her didn't have kids, so as kids we couldn't inherit the house, the wife took everything
Sorry for your loss, I know it can be heart breaking to lose all of your loved ones possessions. This is why I always suggest getting a trust as it will prevent these sorts of problems. Thank you for watching and comment!
I'm in the situation you describe...do you handle the legal aspects and can I do this (buyout) without probate. There is a will and I am the executor, so it seems simple if all the siblings agree and I believe they will
Hi JLO, I don't handle any legal aspects, that is the job for an attorney. Here in California the only way to avoid probate is by having the property in a trust, a will is not equivalent to a trust so the sale will still need to go through the probate courts if you're in California. The process can still be simple but I would highly suggest hiring an attorney to manage all the legal aspects for you. Hope this helps!
Hi
First of all, Thank you so very much for the very detailed and informative video .
My mom passed away intestate. So my sister and I inherited a condo. She said she wanted to sell it. I would like to keep it. Buy her out. I got an appraisal done by an licensed appraiser. The appraisal came back at $65,000 and she wants me to pay her $40,000 just because she thinks she can. I pay all the bills and keep up the property.
I told her that I would only pay $32,500 which is half of the appraisal amount.
Do you have any suggestions because she is not being fair about this whole situation?
Thanks again 🙏🏽
Hi, my recommendation is for you to talk with a licenses real estate attorney to see how they can help you with this situation. Hope this helps!
Im assuming the buyer pays the buyer's closing costs and the estate pays the seller's? Or since the buyer is a beneficiary, would buyer also pay his portion of the seller's closing costs?
Typically the buyer pays their closing cost but this can be negotiated during the sale of the property. hope this helps!
Thank you--this was so helpful for my current situation. In my case, I'm the executor and splitting up the inherited assets between my sister and myself, mainly a house and stocks. If I'd like to buy out her 1/2 of an inherited property, would I be able to give her that amount in equivalent inherited stocks from my father's portfolio as payment?
Hi Kiera, I'm so glad you found the video helpful, thank you for watching! In regards to your question, I think it would be better to ask your attorney about using the stocks from your inheritance to buy out your sisters share of the property. Wishing you all the luck with settling your loved ones estate.
Does appraiser treat it as a time share? Appraisal should take into account you could not sell a 1/2 of a property. I would like to know how they appraise a 3rd of a property. This may be a question for appraiser not realtor
Hi, I am not an appraiser so I'm not sure the exact method used to appraise the property you speak of. good luck finding the answers you seek.
Appraisal amount divided by number of heirs is their share
My mother died in 2018 intestate but the problem is I put my house in her name so I can afford the newly built home for me and my five children. I bought the home in 2003 and the problem is I never change the home over in my name before she passed away…I have ten amazing brothers and sisters 😂❤❤FOE please assist me 😮
That is a challenging situation... Hire an attorney to help you with this immediately. Also, I would gather all documentation pertaining to any payments/repairs/upgrades on the house to show that you have making them. good luck.
What if the parent still had a mortgage and the home is not worth how much they owe then how does that work. Loved the video
Hi Melissa, I assume you’ve spoken to an appraiser or a good real estate professional to determine that the house is not worth what is owed on the mortgage, If not I would suggest doing, so before moving forward.
If this is the case you have two options, you can talk with a real estate professional about going through a short sale or you can contact the lender and tell them you’re giving them back the house. You may want to get help from a real estate attorney also. Hope this helps… thank you for loving my video!
What happens when a sibling helped with nothing. The other siblings cared for the parent. The other sibling lived with the parent and paid the taxes and insurance for past 5 years after the time of, passing. All the clean up and fixed up was done by the remaining siblings. The non helpful sibling agreed to take her name off deed. Is now pissed at the others. never thought this would happen with our family.
That sounds like a difficult situation. But, if you all had your names on the deed, and the one sibling chose to not have their name on the deed, then they no longer have any type of ownership to the property.
@@ProbateandTrustHelp Our parent that died. Parents name was on the deed. The non helpful sibling never helped with the sick parent. Said, they have no interest or wants the house. Will and revocable trust said, split everything evenly. The non helpful is now saying since we talked once that they will take their name off the split, but we have to buy them out. Rest of, us siblings are upset about the situation. The greedy selfishness is, just awful. They have money which is, the frustrating part and no help from care to cleaning up the house is, even more irritating. We are going to scrap up some money and deduct expenses from the last few years and give them that and move on with our lives. Thank you for your help. Would rather have our parents then house or material stuff any day.
So a trust is way better than a will ??
Yes, a trust prevents the property from going to probate and gives clear guidelines as the how an estate is to be distributed. With just a will most estate still have to go through the probate courts, which is expensive and time consuming. So, as long as the trust is well written and clearly states the wishes of the estate it is far superior to just a will.
@@ProbateandTrustHelp Thank you for clearing the air young lady. Peace
Can one sibling written in the trust prevent the estate buyout of another sibling tHats also in the trust for the inherited property?
yes, siblings can prevent the property from being sold to each other if the offered price is below market value. We suggest having an appraisal completed to determine the value of the property, subtract 6% and present that to your siblings to encourage them to sell to you.
I am going to contest my father's will because I feel my sister talked him into leaving his house to her kids (my father's grandchildren).
I wouldn't say anything if they had a close relationship but they don't.
The grandchildren might stop by on their birthdays and Christmas with their hands out.
They are adults and live maybe 20 minutes away.
Hi Nick, that is an unfortunate situation for you to have to go through. The one suggestion I will make is hire an attorney! I have seen many situations where a beneficiary contest a will, but does so without representation and they nearly always lose. Good luck!
@@ProbateandTrustHelp
Thank you and I have hired a attorney.
I have asked my sister many times to see our fathers bank account statements and she refuses.
We are in Virginia.
My mom had Alzheimer's. My brother had her change a beneficiary on the annuity. So let to him. The will has stated everything goes half. Can I do anything about this.
He got 122.000 thousand. Won't give me a dime. Promise d my mom he would
@@debradagliri1787
I am not a lawyer but I can relate to your problem.
It sounds like you're mom was talked into changing the will.
Especially with the Alzheimer's.
You sound fight for your half and maybe fight for even more.
Good luck and take care of yourself.
What if the trust named 4 people but 2 of them passed away, then what happens?
That’s a great question. In most cases the 2 people that are still alive would be the trustees unless there is specific wording that the decedent’s beneficiary would receive their portion from the trust. Meaning that sometimes the children of the named people in the trust would then become the beneficiaries. It’s best if you have the trust reviewed by a licensed attorney to find out which scenario applies.
Their share goes to their heirs
My dad passed away with no will. He had 4 girls. 1 sister passed away. She had 2 children. Do they have any say on the property. Or do the 3 siblings left have all the say.
Hi, When someone passes away without a will or trust in place the heirs are determined by intestate succession laws of their state. You'll need to look those up to determine if you are to inherit. I will say that many states succession laws place the spouse, and biological children as the first to inherit but the percentage received many vary.
What if it is not in a will?
Intestate.
Two siblings have been covering all bills since our dad passed.
One want the money.
Can the two buyout the third?
I.e. appraised at 300k - 150k owed in mortgage = 150k/3= need a loan for 50k for just the one sibling?
Can the admin sell to the two siblings and buyout the other one?
This really depends on whether or not the sibling that wants to keep the property can afford to pay the mortgage/loan amount needed. The first thing to do is pay for the property to be appraised and then from there for the sibling that wants to keep the property to speak with a lender. good luck to you.
My family is bullied me.
Making accusations I have never done
That is difficult to manage, I hope that you can all find a peaceful path forward. Thank you for watching and commenting.
Hey Kim- I am in this situation with a sister who has been living in this house for the last decade plus. The house is owned by our parents trust and is technically the property of our parents, but this sibling has been living there rent free for over a decade. We are worried that when our parent passes away who is currently in hospice that she will not agree to sell the house in a timely manner or buy us out at market value. The will stipulates that each sibling is entitled to equal share of that house. Our sister is generally unresponsive and not a good communicator regarding anything related to the inheritance. Do you have any recommendations for what we can do to ensure that an equitable outcome is reached in a swift manner. Thanks and love the videos!
Hire an attorney like I had to do.
Can the Creator buy a house?
Hi, Im unsure who you're referring to as "the Creator" I would like to answer your question but just want to get clarification on this first.
We probated my fathers assets, including half of his house that he left to his 3 children and received 2 appraisals for it a year ago.
His girlfriend is now trying to get new appraisals at the market value today because the value dropped.
Everywhere I look it mentions that if she intends to buyout the other half of the estate that it is valued at the time of death.
is this true? She is trying to get market value for today, which I thought only happens if she plans to SELL the house not buying out the house.
Anyone who is going to buy the property will be buying it at current market value not date of death appraised value. The reality is that the beneficiaries are really going to decide if the property can be sold to your fathers girlfriend or not. With that being said allowing her to buy you and your siblings out could save the estate about 5% in fees related to listing and selling the property, so the difference may be made up there. She will still have to hire a licensed appraiser to determine the houses value if that is what she chooses, but the remaining beneficiaries do have say. You may want to consult with a real estate attorney to get legal advice on your specific circumstances, hope this helps.
@@ProbateandTrustHelp yes but she is not selling the house. She is buying out my half of the estate that was given to me at the time of my fathers passing. I believe that the estate should have been valued at the time of death in that scenario.
What are the EXACT steps of the Payment?
To Buyout the one sibling of their share of the property.
Assuming the two siblings are in agreement.
If the one sibling wants to buy out the other, of an inherited property, does the money first get deposited into the "Estate Account"?
Then does the Executor write out the Check (from the Estate Account), to the one sibling, while the other sibling gets the Property Titled in his/her name, (after the sibling receiving the money, signs a "QuitClaim Deed")?
Is this how the exact steps are performed??
(Also we want to make sure that "Transfer Tax" and "Sales Tax" are Not triggered).
Please let me know.
These are some questions and you're about to make a big move. My recommendation is that you gain the guidance of an estate attorney, as well as a tax advisor. This is outside of my licensing and actually I have not had any experience helping one beneficiary buy out the rest of the beneficiaries. So, again, please get the guidance that you really need because you don't want to make a mistake that could cost you in the future. Kim
My sister wants to refinance our inherited house and buy me out. Who pays for the refinancing? Thank you
Hi, it depends on how you organize the transaction, typically whoever is refinancing would pay costs associated with it, that is in this case your sister. hope this helps.
Can you educate meon equally shared inherited property that one sibling wants to wait to sell so says she will buy me out ....so i requested an appraissal ...however my sibling says that she is going to offer me fair market vlue BUT she has the right to subtract 50,000 out of my share to cover future closing costs if and when she decides to sell in the future!!!! This doesn't sound right! To me it makes no sense that the guessing amount of a possible future closing costs down the road will come out of my buyout offer! I thought the point of a buyout offer is because someone doesnt wnt to sell at that time but will offer buyout because their choice is wait to sell if at all.....So i guess to sum it up.....do non existant closing costs ever are used in factoring the buyout offer???
If your sister wants to buy you out, in my opinion, she should be offering you 50% of the appraiser value (assuming it’s just the two of you), minus 5-6% for real estate commission that you wouldn’t be paying. That said, I don’t think it’s fair for her to expect you to fund her potential future closing costs if she should choose to sell.
To clarify, mom passed and left property equally to all 5 children....one of which is trustee. Been almost 4yrs and all other siblings is afraid to confront her with any demand to sell. We inquired at beginning to put our house on market but she talked her way into not putting anything in writing as far as documenting a deadline for her to put all siblings shared inheritance on the market in 1-2 yrs tops if she still hasn't bought her own home...per her verbal agreement!!! But she is very cheap and now lingering in this 6 bedroom home for free and 2 siblings are convinced she is seriously looking! Bottom line is, it is now going on 4yrs. and still refuses to put on market as the trustee. She indicated that 50,000 was her estimate on what closing costs would be so that amount will come out of my share in her buyout offer. ....Hmmmmm, why would I alone have to pay for full 50,000 that she pulled out of the air, when there are 4 other siblings involved>? Do closing costs that are not applicable at time of buyout be included in a buyout per law? Her statement to me is that there is no getting around closing costs ....How can she pull a figure out of thin air for when or if she ever decides to move.
@@ProbateandTrustHelp
what is difference between real estate commission and closing /brokerage costs???@@ProbateandTrustHelp
Really???? Why shouldn't we be splitting that 5-6% cost? It doesn't seem right to be the only one to pay that cost....with this logic, years down the road when she does decide to sell, I already paid for real estate commission by reducing my buyout cost from property value!!! So she is out no cost on her share. i do not understand this .@@ProbateandTrustHelp
Hi Daphne, I think at this point you need to find an estate attorney in your area and ask them these questions. I am not familiar with your families exact circumstances regarding the estate and cannot speak on the details of said circumstances as I am not your legal or real estate representative. All I can do is suggest that you seek help for a professional who can guide you through this difficult situation, I wish you all a speedy resolution.
And if devorced and house on both names .Life time partners.can a child get the other half
AND no will
You left out about a sibling executor that just acts like a dictator and destroys your life, because they're greedy and in a rush for the dollar signs they only care about. (I wound up losing everything I owned!) She's lucky to be alive!
Steve, that sounds like a very difficult situation.
Sound alike another post on another video. Anyway, I’m the executor and I have a sibling who turns out to be duplicitous and underhanded, undermining things I’ve done for our parent, apparently never makes money to support himself but won’t say anything about being strapped, and apparently in big trouble with tax fraud. Everything he does is try to maximize how much money he gets or how fast he gets it. A control freak with a superiority complex yet whose life is a complete shambles as he acts this way. This is the guy who throws wrenches in anything we might do.
What if a house isn’t worth anything?
Bane, If you are involved in a probate, and there is a property in the estate, it still needs to be addressed. Meaning if there is more owed on the property than what its current market value, the personal representative of the estate needs to coordinate with the lender and potentially giving the home to the lender. Hope this helps! Please let me know how it turns out.
@@ProbateandTrustHelp what I mean is if the mortgage is 250k but it would be worth 350k but it appraises for 200k in its current condition. You would still give the house back or would you have to pay the other heirs?
Hi Bane, if the house appraises for $200K (even if with repairs/updates it would be worth $350K), and there is a mortgage of $250K, your options would be to pay off the mortgage of $250K, see if the lender would be willing to sell as a short sale, or give the property back to the bank. Hope this helps!
If one of the siblings does agree to buy out the other sibling, will this result in the property being reassessed at current value and thus increase the property taxes? Appreciate your feedback, thank you.
Hi Scott, I’m assuming the house is in California? If not I would check with your states tax laws. In California the property taxes will automatically be reassessed as of the date of death UNLESS, a child moves into (or already lives in the property) and they must live in the property for a year. You should contact the tax assessors office to verify that information. Hope this helps!
@@ProbateandTrustHelp Thanks very much. To clarify a bit better. Yes, we are in San Diego and my sister wants to move in, so if she buys out my half, does the property get fully reassessed or just the one half she purchases from me? Appreciate your response, thank you.
Hi Scott, sorry for the late reply, your comment got lost in my feed... That’s a great question. And, since the home is in San Diego, I recommend you contact the San Diego County Tax Assessor/Parent Child Division @ 619-531-5848 or arccpc@sdcounty.ca.gov for an accurate answer. And, please let me know what you discover so that I can share it with others
The representative comes out on top. Especially if there is only the two of you.
The beneficiary can't afford an attorney.
Better to have sold it to make sure you get your true market half
Next to buy out in 100s as shown
I'm not sure what you mean by this comment, if you have a question I would like answer it for you, can you rephrase it? Thank you for watching and commenting.
@@ProbateandTrustHelp Hi Kim, I cant remember exactly, something struck me as funny, maybe one of the stock images or videos. But, thanks for the good info
thats ok, I'm glad you enjoyed it! thank you for watching and commenting 🙂
Why San Diego ?
Let go my eggo San Diego !
I'm a real estate broker, and I work in San Diego county. Most of my video content is applicable to other areas of the US.
@@ProbateandTrustHelp I know don’t worry about it,
I was just teasing you about it for just because! Thank you
@Sandy Handy thank you for the clarification, I always worry that me specifying San Diego confuses my followers who are out of the area, but the algorithm helps me find people in my area who need my help if I am specific. I hope that you find my content helpful whether you live in San Diego or not ;-) Take care!
I think the comment may have been a reference to one of the Anchorman: The Legend of Ron Burgandy movies, sort of like "Stay classy, San Diego."
Could i please contact you?
Hi, you may email me at KimWard@horizonrealestate.net with any questions regarding an estate, take care.