Estate Planning - Wife Died, Husbands Rights?!

Discussion in 'Estate Planning, Creating Wills & Trusts' started by Graceful585, May 6, 2010.

Thread Status:
Not open for further replies.
  1. Graceful585

    Graceful585 Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    California, Ventura County

    Father leaves beach house to 4 siblings in his will when he passes away. Not certain what will says. One of the siblings and her youngest son pass away in a tragic accident a year ago. Husband is asked by brother-in-law to sign a legal document that would make B-I-Law administrator of his sisters interest in the beach house. Husband was out of it when he signed so he didn't know what it all met.

    He was told by B-I-Law that they would buy out his portion of the beach house which 1/8 is husbands and 1/8 is surviving sons who is nine. B-I-Law is calling the shots, things are dragging, it's been a year since their deaths and husband has been given no helpful info from B-I-Law. B-I-Law says that they will probably end up giving husband monthly payments for his 1/8 because they can't afford to give him one lump sum. They are expecting about $350,000 for each 1/8 ownership. B-I-Law asked husband if he was interested in selling his son's 1/8 so he'd have a college fund for him. How is this all to work???

    Husband is nervous because he borrowed a lot of money from friends and family after the deaths of his wife and youngest son and told lenders that he'd be getting a money from the beach house once it's all resolved to pay them back. Now he's hearing it would be monthly payments...but he really has not been getting forthright answers from B-I-Law.

    What are his options at this point? Could he have forced sale of the beach house if he hadn't signed the legal document? He's just very upset with feeling like he's left out of the loop and has no idea what is going on. He has not been included on the meeting with siblings and lawyer. Does he have recourse now that he's signed a legal document giving B-I-Law administration rights to his wife's estate portion of beach house?

    I'm just trying to help him figure out his options at this point. Any help would be most appreciated.
     
    Last edited: May 6, 2010
  2. army judge

    army judge Super Moderator

    Top Poster Of Month

    Messages:
    18,010
    Likes Received:
    1,770
    Trophy Points:
    113

    You need a lawyer.
    You can't get the help you require from the internet. :no:
    Hire a lawyer, because quite a few people are about to get SCREWED.
    I take that back.
    Those people I mentioned, they won't be SCREWED; they'll be RAPED. :yes:

    Everyone but the Brutha-N-Law, should hire a lawyer. :yes:
    Then they need to get the will probated.
    Some foul shenanigans are happening.
    Money is being taken and people are about to be FINANCIALLY RAPED!
    Get a GROUP lawyer, or your OWN lawyer, ASAP!
     
  3. Graceful585

    Graceful585 Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    Thank you for your response Army Judge, sounds like he needs to get someone on his side in all of this. The family are using an attorney that they're parents thought very highly of...but that's for the family...the husband is married into the family...who is protecting his interests?

    I just wanted to make my post a bit clearer.

    The father has been deceased for years and the beach house was left in trust to the four kids. One of the daughters just died a year ago along with her youngest son. It is "her" husband who was was asked by the wife's brother to sign a legal document that would allow the brother to be the executor of her interest in the beach house. I hope that's clearer.

    The husband and his nine year old son have a total of 1/4 interest in the beach house. The brother in law who is now the executor said that he thought that being the executor of his sister's Estate would help the husband so that he would not have to deal with it directly or financially. Something just doesn't sit right about all of this to a lot of people and that is where all the questions are coming from. The fact that the brother wanted to take over his deceased sister's interests and that the husband was in no frame of mind to really know what he was signing.

    The husband wants to sell his 1/4 interest because he needs the money. The questions are how is this all going to happen? What are his options? Why would the brother have him sign away his rights as executor of his wife's interest in the beach house unless they were afraid he could force the sale of the beach house? What legally can he do to make sure his and son's interests are protected? It seems the brother in law is back peddling and saying he'll get monthly installments now. What are the options for payout for the husband?

    Hopefully that is clearer. :)
     
  4. army judge

    army judge Super Moderator

    Top Poster Of Month

    Messages:
    18,010
    Likes Received:
    1,770
    Trophy Points:
    113


    The court can order a sale.
    Some may agree with it, some may fight it.

    Ultimately a court must order the property divided and sold.
    I would never sell my interest in anything to someone for monthly payments.
    PEOPLE GO BANKRUPT VERY OFTEN AFTER SUCH AGREEMENTS.
    Then you take nothing.

    He still needs a lawyer.
    In this market what something was worth last year is meaningless.
    It may be worth $400k to the family, but what will a buyer today pay?
    That might mean only $200k.

    The California market is dead.
    If I wanted the money and owned a 25% stake in a $400k home, and wanted out, I'd sell my interest for a buyout of $60-80k; CASH OPTION!

    No monthly payments, no partial payments, CASH OPTION ONLY.

    If they don't agree, hire a lawyer and force a sale by the court.
     
    Graceful585 likes this.
Thread Status:
Not open for further replies.

Share This Page