Need DCUM wisdom about estate situation

[Anonymous]

I’ve seen lots of savvy posters around here comment on settling estates so I thought I’d ask for advice.

My grandmother recently passed. Her estate has been left to be split between the 3 living kids plus the 4 grandkids whose parent died before my grandma.

My dad is one of the kids. He lives in grandma’s house and had been caretaking. He doesn’t otherwise have anywhere to live and is crouched to make things as hard as possible. He’s not a very reasonable person and can be incredibly stubborn and difficult.

I have a great relationship with the aunt who is the executor. I texted her to ask what she thought they would list the house for. She said she’d already thought of us possibly buying everyone else out (except my dad of course) as an investment for us and to deal with the headache that is my dad. We looked at the Zillow price (seems high but not insanely high) so we both agreed it would be best to get an appraisal.

So. Is there anything I should know? Anyone have a knee jerk negative reaction to this?

FWIW I have one sibling currently in college, who obviously would inherit 1/8 of the value when our dad passes, but that doesn’t seem like a huge deal to me.

[Anonymous]

Seems like she should buy everyone out and rent back to your Dad?

[Anonymous]

If you fully buy the house, you own it, not your sibling. Or, your Dad owns it and you'd split it in 1/2. They should be decent and give you a break on the house if its for your Dad who was the caretaker.

[Anonymous]

I don’t understand how you fit in here. If your dad is your GM’s kid, then you don’t inherit two you have no dog in this fight unless your dad might have to live with you if evicted.

But since your dad was the caretaker, it is generous of your aunt to be looking for a solution that doesn’t put him on the streets.

[Anonymous]

I’d get an appraisal and offer that less a commission.

[Anonymous]

Anonymous wrote:I don’t understand how you fit in here. If your dad is your GM’s kid, then you don’t inherit two you have no dog in this fight unless your dad might have to live with you if evicted.

But since your dad was the caretaker, it is generous of your aunt to be looking for a solution that doesn’t put him on the streets.

I am proposing bringing cash to buy out my aunts and cousins.

[Anonymous]

Anonymous wrote:If you fully buy the house, you own it, not your sibling. Or, your Dad owns it and you'd split it in 1/2. They should be decent and give you a break on the house if its for your Dad who was the caretaker.

I’d own everything except my dad’s share.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t understand how you fit in here. If your dad is your GM’s kid, then you don’t inherit two you have no dog in this fight unless your dad might have to live with you if evicted.

But since your dad was the caretaker, it is generous of your aunt to be looking for a solution that doesn’t put him on the streets.

I am proposing bringing cash to buy out my aunts and cousins.

Got it. Then yes an appraisal is necessary. You don’t want any of the beneficiaries coming back and complaining that you didn’t pay fair market value.

[Anonymous]

If you can afford it, it sounds like a reasonable solution. It’s a good deal for the rest of the family, as any attempt to evict your dad would probably use up a giant chunk of change from the estate.

How old is your dad? Is the home suitable for him to live in as he ages? Will buying the family out compromise your finances in a significant way?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you fully buy the house, you own it, not your sibling. Or, your Dad owns it and you'd split it in 1/2. They should be decent and give you a break on the house if its for your Dad who was the caretaker.

I’d own everything except my dad’s share.

Talk to your sibling and you should get the entire house if you are paying for it or buy them out too. Will your Dad pay rent?

[Anonymous]

What’s the range of value of the home? Like is it order of magnitude like $150k, $500k, $1m?

[Anonymous]

Would it be better to buy him a different house?

[Anonymous]

Will your dad take on maintenance costs and property taxes?

[Anonymous]

Anonymous wrote:If you fully buy the house, you own it, not your sibling. Or, your Dad owns it and you'd split it in 1/2. They should be decent and give you a break on the house if its for your Dad who was the caretaker.

OP would own 3/4; OP’s father would retain 1/4. On his death, that 1/4 would be split between OP and his/her sibling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you fully buy the house, you own it, not your sibling. Or, your Dad owns it and you'd split it in 1/2. They should be decent and give you a break on the house if its for your Dad who was the caretaker.

I’d own everything except my dad’s share.

Talk to your sibling and you should get the entire house if you are paying for it or buy them out too. Will your Dad pay rent?

I doubt he could afford much rent. He’s living on a small state pension.