In most cases, parents will end their wills with; “‘My estate shall be divided equally among my
children”. But if most of the estate’s assets are real property, the problem lies in how to best
divide the assets.
The Best Solutions for Dividing Property
The best solutions would include:
- Sell all the property and divide the assets among all siblings.
- But if one person wishes to retain the property, it means negotiating a buyout by that person. This requires negotiating a cash settlement with the remaining
siblings. - Here is where personal feelings enter the proceedings.
- When both parents are deceased, the children can make this a time to air
lingering resentment and long-time rivalries. It’s time to get legal counseling.
- But if one person wishes to retain the property, it means negotiating a buyout by that person. This requires negotiating a cash settlement with the remaining
- Hiring an attorney to see the family through this difficult time, means leaving the necessary decisions to someone other than a sibling.
Why Do You Appoint An Executor?
An Executor’s job is not an easy one, and they many times play referee to the siblings. The
Executor maintains the house with insurance, repairs, cost to clean out the house, utilities, etc.
Coming to an agreement among the siblings is the best scenario for a peaceful settlement. But when one sibling thinks they are getting the short end of the stick, that’s when problems arise. But even if everyone agrees on the settlement, you’ll still need the court’s approval before dividing the assets.
Several states have recently adopted what is called a transfer of ownership, so heirs can avoid the probate process. Another alternative to the probate battle is having the parent simply deed the parental home to an heir while he or she is still able.
If you make wishes known, it gives a better chance to keep peace in the family. The best bet is to consult an attorney about what happens to assets in your will.
Lehman Johnson Attorneys At Law PLC will lead you through this process and will do everything within our power to achieve the best possible outcome for your case. Contact us today or give us a call at (931) 896-2226.