Grandma is dead and the kids are fighting...

[30ABandMan]

Hey Everyone,

I need some advice. This may be better in realty section and can be moved if needed. Here's the deal...

My g'maw passed away. She owned a little house in Crestview and I have three uncles and one aunt along with my sister who are heirs. My sister and I will split my mother's portion.

One of my uncles owns and operates a business from a building that he had built on the property. He has been paying taxes on the building for about 15 years and my grandmother had homestead exemption on her home. My uncle's building is currently zoned as a single family dwelling as well which is fraud IMO.

So, before the funeral even occurred, the uncle in question is running around trying to "buy everyone out" for 5k each.

My aunt is executor and trustee...

She wants to keep true to the will and keep the home is a rental.

My question is this. The property is zoned commercial. Shouldn't we have it appraised and then let him buy us out at the fair market value? He is only wanting to purchase the property at the assessed value of the house. He plans to demolish the house and build office space.

Can anyone give me some insight? I'm not wanting to be a jerk but these people are a little underhanded.

Let me know what you guys think...

 

[Mermaid]

I am sorry about your grandmother's passing. I know it will be no consolation to you but this often happens in families, the unpleasantness among siblings. People often aren't themselves after parents die. Sometimes it brings out the best in them and sometimes it does not.

My uneducated view is that your uncle is trying to pull a fast one and that your aunt who is the executor had better consult a lawyer, quickly.

 

[Minnie]

Totally agree with what you said. But dealing with family at these times sometimes brings out the worst. Good luck.

 

[LuciferSam]

I'd be concerned. 5K??? I would even get an attorney involved if I could afford it and it was worth it. You need to know the fair market value. Chances are you could at least talk to a lawyer for next to nothing.

 

[Beach Runner]

Well, I feel sorry for you.

In our situation Mom refused to make any decisions regarding her estate. She always said "if I die," and I always reminded her that we all will die and that it would help her children if she made some decisions regarding the dispersement of her possessions. So now she has Alzheimer's, so she can't make any decisions. I am so afraid that when she dies, it will cause a schism between me and my siblings. This wouldn't have to happen. My best friend's parents labeled every piece of furniture, jewelry, etc., so that their children wouldn't fight when they died. I told Mom that's what she should do, but she refused to acknowledge that she would ever die.

 

[beachmouse]

BR, who has power of attorney for her now if she can't make her own decisions? Because that person really needs to sit down with the rest of the kids and talk about the plan for Mom's continuing care as the disease progresses, how long you're going to try to keep her in her home (and how much you're going to draw down her assets for home or residential care), and how any remaining estate is going to be handled. Definitely inventory the estate and even change the locks if you're afraid a sibling is going to back up a truck to the house. (It does happen that way for some families, unfortunately)

I've seen some horrible actions from family following the death of a love one and there can still be anger over the estate 20+ years later.

 

[SHELLY]

Sorry about your grandmother--and your poor aunt that needs to sort this mess out.

What do the other owners of the property want to do?

It's a real biyach when a property is passed on like this. I think your poor granny meant well and thought she was doing everyone a favor. I think the aunt who is executor needs to call a meeting of the group and discuss the situation with all present and a decision made. In the end, she'll probably need to consult a real estate attorney <that sound you hear is some of your inhertiance flying out the window>.

I think you all need to make a clean cut of this property--but sell out at a fair price, either to the uncle or on the open market at a price that will sell quickly; otherwise you'll all be squabbling each and every time you all need to kick in money for taxes, maintenance, insurance and so forth that comes with property ownership...and if one or two doesn't pony up the dough, it will fall back on the others.

....and shame on your uncle for trying to take advantage of the situation.

 

[Beach Runner]

BR, who has power of attorney for her now if she can't make her own decisions? Because that person really needs to sit down with the rest of the kids and talk about the plan for Mom's continuing care as the disease progresses, how long you're going to try to keep her in her home (and how much you're going to draw down her assets for home or residential care), and how any remaining estate is going to be handled. Definitely inventory the estate and even change the locks if you're afraid a sibling is going to back up a truck to the house. (It does happen that way for some families, unfortunately)

I've seen some horrible actions from family following the death of a love one and there can still be anger over the estate 20+ years later.

I hear ya. We really need to take care of it now. Mom has a lot of expensive personal possessions (many large diamonds, an 18K Patek Phillippe watch, a lot of Mikimoto, etc.), plus the real estate, furniture, and antiques.

Daddy owned a family business. When he died of a heart attack at 54, one of his siblings and even my grandmother claimed that he owed them money. It broke the family apart. So sad. Finally my cousins, aunts, and uncles on his side have finally made peace. But the pain from the family breaking apart still causes heartbreak for me.

Thankfully, many of them came to visit Mom last month for her 86th birthday. She won't remember that they were there, but we were so happy about the family reunion. I love them for that.

 

[Kurt]

Sounds like an attorney is necessary. I would require an appraisal from someone not in the same town. And opinions of a couple of local realtors who specialize in commercial property.

I would then confer with relatives and suggest considering settling on a buyout that is quite a bit less, to be done with it quickly.

 

[30ABandMan]

Hey thanks all...

Here are a few more details I learned...

The will and property will be in probate...handled by my uncle's attorney no less. I think that needs to be changed. The uncle is fighting an appraisal because it is currently view as residential. It is actually zoned commercial/residential.

I'm all for the quick buyout but it needs to be based on the fair market value of a commercial property.