Real Estate Heir, I need help?
Sunday, 22. August 2010
I was left 1/3 of my grandmother’s home. The executor (my brother) of the will owns another 1/3 and then my other brother owns the final third. The property is currently up for sale. I have not received any documentation that shows I am 1/3 owner of the property (grandmother died over a year ago). I don’t know how much involvement I should have in the sale. How much am I allowed? Also, I don’t like how my brother is handling the disbursement of the estate and think he may try to pocket the money if the property sells, he is not an honest man. My brother took our 96 yr old grandmother to a lawyer and had her name him as executor behind the rest of the families’ back’s. She was suffering from dementia. They lived in another state and we had no idea what he was up to. I don’t want to cause a big problem or alarm him to the fact that I am suspicious of how he is dealing with this. I just want to know what my rights are in regards to my portion of the estate. Do I technically own 1/3 of that as equity? If so could I use that for a home loan or get a cash advancement so that I could wash my hands of all of this? I just want to find out the best way to get my share and get out. It’s a substantial amount of money and I know my grandmother would not have wanted it dealt with this way.
The property has not yet been probated. I have been researching that today. My brother never showed the will to anyone, just told us we would be getting money from the property when it sold. I called to acquire a copy of the will today and as soon as I see what I am entitled to, I intend to follow up with the probate procedures.
Steve D Says:
You own up to 1/3 of any equity in the property. You are also entitled to an accounting of all money coming in to and going out of the estate as an heir. The way it works is that creditors (if your grandmother had any) will make claims against the estate. It is the legal obligation of the estate (and by extension, the executor) to pay off all creditors before distributing any assets from the estate.
For simplicity’s sake, lets say the house is worth $200,000 with a $50,000 mortgage and the house sells for $200,000 with the usual 10% in closing costs, meaning that the cash from the house is $180,000, of which $50,000 pays off the mortgage, leaving $130,000. If your grandmother had no other assets and no other debts, you and your brothers would split the $130,000 (about $43,000 each).
However, if your grandmother had,m say, hospital bills totaling $100,000 (again no other assets and no other debts), these bills would be paid off using the proceeds from the house sale leaving you and your brothers $30,000 to split up, meaning you each get $10,000.
Check with the probate court where your grandmother died to find out how to get the accountings from the estate so you can track where the money is going.
Finally, no you are not entitled to the money from the house until the estate has been settled. Since you really don’t know how much you are going to get and you cannot get a cash advance on the estate. Since the estate now owns the house, you also do not own 1/3 of the equity in the house. Your only option is to be diligent about the financings of the estate (or trust your brother).
realtor.sailor Says:
You didn’t mention if the estate has been probated. If it hasn’t then no one owns the property. You can’t use your interest in the home as collateral for a loan without the other owners approving. Your only option is for your brothers to buy out your share.
realtor.sailor
kemperk Says:
hire an attorney who deals in estates and ask him/her to demand settlement or other
documents. YOU must start with the contents of the will and then, see what action the
executor has done. AFTERWARDS, you can have medication if needed.
sorry about the family member loss
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Ed Atun Says:
All your brother needed to do was pay $200 to the Probate Court. He will walk out with "Letter Of Personal Representative" which is acceptable at any title company. He can sell the house. As an heir you get 1/3 of the proceeds. You are the 1/3 owner.
You will not be able to get a loan against your share of the house. You could offer to sell your share to either brother for $20,000 today. That would be legal.
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