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Vanity: what would you do? Tis a Puzzlement.
Self | 2/16/2020 | Madison10

Posted on 02/16/2020 8:03:42 PM PST by madison10

This is swirling in my brain and there seems to be no good answer:

I am executor of my parents' estate. My mom passed away less than a month ago. In order to distribute the estate according to the will the farm property (and probably house) will have to be sold...or something.

Problem 1: the property has been in the family over 150 years. No one in the family farms it. We are at the end of progeny who "might" want to farm it. The one possibility is in high school still. All of the adult children but one live adjacent to the property.

Problem 2: one sibling who cared for our parents (sibling received a regular paycheck from parents for their care and lived with parents) currently lives in the family home. Said sibling is single, almost 50, has trouble walking due to arthritis, and now has no job. The fourth home "on" the property is where the sibling lives.

Problem 3:The house is 44 years old and has not been updated much. The yard is probably at least three acres to mow. Honestly, I am not sure the other siblings would want to buy the house or are able. It needs fixing up for sure.

The dilemma is: what would YOU suggest occur? There seems to be no answer in my brain. There is the business side of this, but the emotional/legacy side is tearing me up. Not sleeping a ton.

Thank you, oh wise ones.


TOPICS: Chit/Chat; Miscellaneous
KEYWORDS: estate; executor; familyfarm; relatives; vanity; will; willexecutor
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To: madison10

SELL it and distribute the money equally. This is from experience. my wifes family had almost the same exact situation.Unless everyone is wealthy AND a saint any other solufion will break your family apart.


81 posted on 02/17/2020 1:53:05 AM PST by DouglasKC
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To: madison10

Sorry for your loss. Your mom and dad wanted it handled a certain way, probably because they knew there would be difficulties. Check with your siblings, speak honestly, if there is a hint or smidgeon of controversy or animosity do as your parents wish.

Good luck.,


82 posted on 02/17/2020 2:29:15 AM PST by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world)
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To: econjack; madison10

Sound advice. Unless you can consent for it to be farmed/sharecropped, selling it will return the land to productivity.


83 posted on 02/17/2020 2:40:21 AM PST by rawcatslyentist (https://www.youtube.com/watch?v=yfuAJcWl6DE Kill a Commie for Mommie)
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To: madison10

Bookmark


84 posted on 02/17/2020 3:40:18 AM PST by Hegemony Cricket (< < Wandering aimfully > >)
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To: madison10

You could just carve out the house and whatever amount of land they are comfortable maintaining, up to 3 acres but perhaps less, appraise it and that could be their share plus any extra from proceeds, or sell entire thing and they can move into a better active adult community. As for others, have a meeting and say you can do this the straight up way and sell everything & divide proceeds or if their are objections, you can do it differently as long as their is consensus.


85 posted on 02/17/2020 3:52:53 AM PST by pangaea6
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To: madison10

I’ve been the executor for several estates.

Honestly, if there is a will...you don’t have a problem. You are legally obligated to execute the will. Period. You cannot decide to follow one part of it, and not the other.

Sit down with your siblings and share the will. Tell them what you have to do. You have time. Most of the estates I did took almost a year to finalize.

You also need to take a couple thousand out of the estate and go talk to a lawyer. They can give you an idea of accommodations for your sibling on the property.


86 posted on 02/17/2020 3:56:29 AM PST by Vermont Lt
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To: missthethunder; madison10

Sigh. It is such a difficult time. Try to keep your family together, madison10.

We were lucky, in that my wife and I did not feel that we wanted a claim to anything in my mother and father’s estate, so it was easier for us to navigate...we only really had to deal with the emotion of loss until things came to a head and we were drawn into it...regrettably.

I have been complimented over the years for my tact, but when I am emotional, I can become quite blunt, and that bluntness only widened the developing chasm in our family.

Try and avoid that if you can.


87 posted on 02/17/2020 4:11:25 AM PST by rlmorel (Finding middle ground with tyranny or evil makes you either a tyrant or evil. Often both.)
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To: madison10
Calculate the assets of the entire estate then divide it by the number of individuals who are in the will.

Then let the individual who wishes to keep the property payoff the others with their share of the estate value.

88 posted on 02/17/2020 4:22:12 AM PST by Hot Tabasco (I want an impeachment pen)
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To: madison10

Just went through something similar (like two months ago). Listen to your business side and do as the will states. If it says to divide the property equally, then it should be sold and divided. If someone is living in the house, then give him the opportunity to purchase the house perhaps at a modestly reduced cost with no realty fees (as long as the others agree). If he can’t afford it, then that is business.

Always remember there is more than you who have a stake in the property. Trust me, no one is going to be happy at the end of this. What you want to strive for is fairness in the division of property. If you play favorites, then you are just going to make someone else really mad and they could come back on you legally as the executor.


89 posted on 02/17/2020 4:25:23 AM PST by HarleyD
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To: madison10

When my wife’s Dad died (her Mom went first), her sister had been “caring for him” (living for free and making herself up to resemble her Mom), the will asked for a 3 way split between the kids...the sister wanted the house so my wife and her brother told her she could by their 3rds if she was serious....she did so and is eternally pissed because the old place has lots of problems...
I’d suggest seeing if anyone wants it bad enough to buy the others’ shares....smart thing would be to sell it because the sentimental value will fade with time and the actual, enduring responsibilities will grow proportionally...


90 posted on 02/17/2020 4:28:42 AM PST by trebb (Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
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To: madison10

Incorporate the farm. Lease it out. Distribute the lease payments among beneficiaries.

Family retains ownership, gets tax benefits, continuing income.

“If”, down the line, a family member wants to actually farm the dirt, they can take over the lease.


91 posted on 02/17/2020 5:05:49 AM PST by Wonder Warthog (The Hog of Steel and NRA Life Member)
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To: madison10

Let all sibs know the situation and run by them the idea of dividing the property, with the arthritic sib getting that fourth home if that works out equitably. But really, unless you know what the options are and what the sibs would want given the options, I don’t think you should decide this.

E.g., the arthritic sib might want the small inheritance as a financial cushion and to move into an apartment closer to town, or whatever.


92 posted on 02/17/2020 5:18:49 AM PST by 9YearLurker
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To: Trump Girl Kit Cat

Very economical and “Green”! Except those critters fart and release methane gas. Very bad. The enviro-Nanzis will bury you.

You can’t win.

/s


93 posted on 02/17/2020 5:22:50 AM PST by AFreeBird
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To: madison10

Nothing within the article indicates anything about the wishes of the testator concerning the disposition of the property outside of selling it. The wishes of the deceased are your first priority and are the easiest and safest way to dispose. If you do that, then you can look at yourself in the mirror in the morning. You didn’t make the decision, the person you represent did. The minute you start varying from the written will, you are creating your own issues.

I was the executor for my parents and my wife hers. We’ve done four of these and they may not be fun, but they are necessary for the wishes of the deceased and their comfort in their latter years that their wishes are going to be accomplished. They won’t know you changed it, but you and the rest of the family will. And the parents knew they wouldn’t be around forever. The family should have, also.

rwood


94 posted on 02/17/2020 5:36:21 AM PST by Redwood71
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To: madison10

Your situation is nearly exactly like ours, was. We sold the tillable land (an 1870 homestead) to a respectable neighbor who we grew up with. Kept the building site and the home because we celebrated family reunions at the farm for decades, and as a place at which to tell our children about their roots, grandparents, uncles/aunts, etc. However, the home is falling apart, and we have discussed razing it, but still keep the building site for possible future family reunions. From the proceeds of the land sale, 3 of us purchased the 4th share from a sibling, created an LLC, installed security system, hired a mower to mow when needed so as to make the place look “lived in”, etc. None of us are geo-close to the property. Alternatively, you could rent the tillable land out to a neighbor and split the proceeds at year end. However, that can become a PITA for annual tax filing, etc. But in your case could be useful in helping to assist in costs for homebody there.


95 posted on 02/17/2020 5:56:50 AM PST by SgtHooper (If you remember the 60's, YOU WEREN'T THERE!)
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To: madison10
Land is the one thing that they are not making more of. So, if you own acreage outright (not making payments), hang on to it.

Rent the 3 acres of field to a HEMP farmer (if your state allows HEMP growing), and divvy up the proceeds. The one that cannot work now has an income (albeit small), no more worrying about mowing the 3 acres of field, and you now have productive land that a future generation might look to with an interest.
96 posted on 02/17/2020 5:59:50 AM PST by softengine
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To: Jolla
my dads secretary invited the lawyer over to the house for dinner after he had done some work for them, he billed them for those two hours and added a third hour for his travel time,that cost was around $1000. Don’t invite the lawyer to the bbq.

Wow. Your dad's secretary had NO inkling whatsoever of this guy's intentions?
SOMEONE should report him to the State Bar Association.

What a jackass.

Does this mean that ALL lawyers are like him?

97 posted on 02/17/2020 6:00:25 AM PST by cloudmountain
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To: Cedar
“Let her stay there. SHE did the hard job.”
So true! This sibling who took care of your parents deserves a royal crown (and will get one in heaven).

I'm afraid you're right. She won't get much HERE for her efforts.

98 posted on 02/17/2020 6:02:22 AM PST by cloudmountain
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To: Jakarta ex-pat; lowbridge
You’ve outed yourself to Freeper lowbridge. He’s an expert at dealing with African princes...lol.
99 posted on 02/17/2020 6:05:40 AM PST by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
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To: 1_Rain_Drop

Yeah, we thought the same thing as well. But everyone around knows we let our dogs run the property freely. We haven’t had any problems. At least not yet and its turning out to be more lucrative than either of us anticipated.


100 posted on 02/17/2020 6:05:48 AM PST by softengine
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