Advising parents on how to set up will

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am confused. Do you think your sister should just give you her portion of the house? Of course you should pay fair market value

Yes of course I would buy her out at fair market value if we kept the house... however her version of FMV is not going to be what the appraisal comes in at, knowing her she will think we can get more if we were to actually sell it vs. just what it’s worth.

Gosh, op, you have an answer for everything. If you really think this is going to be that difficult, then just sell the house and find another house for your family. If your sister doesn't agree with the appraisal, then have three real estate agents come in and tell you both what they think the house would sell for and have them bring comps in the area. Plus, think about it from her perspective, if your kids are getting a lot of money in trusts, are you really going to quibble with her over a few thousand dollars on a house. That is what it seems like. Perhaps you can use this as a way to get her to not contest the amounts given to your kids (which seems like a bizarre thing for an aunt to do). Tell her that you will agree to a reasonable buy out price for the summer house if she drops her complaint about your kids. Although hopefully your parents lawyer had them put something in the will that says that if any beneficiary contests the will, they get nothing.

Gosh. Do you realize that if they sell the inheritance house and buy another house it will cost OP that much more money? But sounds like OP won't win with the house situation in any scenario whether they sell and divide the money and then OP's family buys a different house or OP buys out sister's part of the summer house.

Yes, I do realize it would cost them money to buy a new house. But if they can’t reach agreement with sister and don’t want to lose a relationship with sister, it may be a viable option (especially since they will also be selling another property). My sil lives with my mil. Mil has her assets going to dh and sil 50/50. Years ago, dh told her to change her will so the house just went to SIL directly. That way SIL wouldn’t have to buy him out. The house is worth a lot of money. Dh isn’t getting anything else in return. He just did it bc it was the right thing to do for SIL. Relationships matter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am confused. Do you think your sister should just give you her portion of the house? Of course you should pay fair market value

Yes of course I would buy her out at fair market value if we kept the house... however her version of FMV is not going to be what the appraisal comes in at, knowing her she will think we can get more if we were to actually sell it vs. just what it’s worth.

Gosh, op, you have an answer for everything. If you really think this is going to be that difficult, then just sell the house and find another house for your family. If your sister doesn't agree with the appraisal, then have three real estate agents come in and tell you both what they think the house would sell for and have them bring comps in the area. Plus, think about it from her perspective, if your kids are getting a lot of money in trusts, are you really going to quibble with her over a few thousand dollars on a house. That is what it seems like. Perhaps you can use this as a way to get her to not contest the amounts given to your kids (which seems like a bizarre thing for an aunt to do). Tell her that you will agree to a reasonable buy out price for the summer house if she drops her complaint about your kids. Although hopefully your parents lawyer had them put something in the will that says that if any beneficiary contests the will, they get nothing.

Gosh. Do you realize that if they sell the inheritance house and buy another house it will cost OP that much more money? But sounds like OP won't win with the house situation in any scenario whether they sell and divide the money and then OP's family buys a different house or OP buys out sister's part of the summer house.

Yes, I do realize it would cost them money to buy a new house. But if they can’t reach agreement with sister and don’t want to lose a relationship with sister, it may be a viable option (especially since they will also be selling another property). My sil lives with my mil. Mil has her assets going to dh and sil 50/50. Years ago, dh told her to change her will so the house just went to SIL directly. That way SIL wouldn’t have to buy him out. The house is worth a lot of money. Dh isn’t getting anything else in return. He just did it bc it was the right thing to do for SIL. Relationships matter.

That and your SIL is most likely taking care of your MIL. Depending on the circumstances, that can be a heavy (and unpaid lift). So it sounds like a pretty good agreement and your DH is doing the right thing.