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3 owners inherited- question about buying out 1 party

Discussion in 'Joint Ownership' started by cathyk, Jun 12, 2011.

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  1. cathyk

    cathyk Law Topic Starter New Member

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    My husband & his 2 siblings recently lost their Father. He left everything-a large sum in savings & insurances, & 2 houses, to be equally divided in thirds.The money when it's all gathered(which it is now), & the properties when they are sold, if all the parties agree to sale. The sister was made the #1 trustee of the estate. My husband & I live in the smaller of the 2 houses,his brother in the larger.
    My question is if we decide to go ahead & buy the sister's 1/3 out (both of the son's do not wish to sell because we've always lived here & the brother in the other house) do we pay her 1/3 of what the assessed house worth that's listed in the county assessor's records at the time of their Father's death?
    Thank you,
    Cathyk
     
  2. army judge

    army judge Super Moderator

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    You could make her that offer.

    I doubt that she will take it.

    Why?

    Because, you need her, she doesn't need you.

    She can force the sale of everything, and the proceeds would be split three ways.

    This isn't about two people getting their way over another.

    If you push her, she'll balk.

    If she balks, everything will be sold and split three ways.

    I suggest you stay out of it, you don't inherit anything.

    You should advise your husband to negotiate with his sister and brother. It is better they agree, rather than someone requesting a judge to force a sale and distribution of the proceeds.

    Your husband would be better served, as would each of the party's, to retain an attorney to assist him in his negotiations.
     
  3. cathyk

    cathyk Law Topic Starter New Member

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    Thank you for the advice.
     

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