Sibling won’t cough up money for estate

[Anonymous]

Anonymous wrote:If the house is in terrible condition, is it going to be a tear down? Don’t sink money into something that could be disposable. What does a real estate person suggest?

I like the idea of getting a selling price as is which would be the base rate divisible by everyone. If anyone contributes to repairs, they alone split anything added to that base rate.

I was almost hoping for that. Because it’s in a very desirable area every agent in the area says it’ll sell easily with basic cosmetic work. This of course was just prior to the virus situation. Nearby homes sell in the 1.5 million range, we’ll be asking just over a million.

[Anonymous]

We all agreed as a group to do the basic cosmetic work, not myself alone. We’re not talking about a remodel, simply badly needed paint and sanding hardwood floors.

[Anonymous]

Anonymous wrote:We all agreed as a group to do the basic cosmetic work, not myself alone. We’re not talking about a remodel, simply badly needed paint and sanding hardwood floors.

Let the new owners do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If the house is in terrible condition, is it going to be a tear down? Don’t sink money into something that could be disposable. What does a real estate person suggest?

I like the idea of getting a selling price as is which would be the base rate divisible by everyone. If anyone contributes to repairs, they alone split anything added to that base rate.

I was almost hoping for that. Because it’s in a very desirable area every agent in the area says it’ll sell easily with basic cosmetic work. This of course was just prior to the virus situation. Nearby homes sell in the 1.5 million range, we’ll be asking just over a million.

Let the new owners do it or take a loan out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just pay it yourself and have the estate pay you back. Why aren’t you just using estate funds to do the repairs?

My mother left each sibling $20,000 in cash plus the house to be sold. After giving each sibling their $20,000. it was understood that we’d each have to contribute $5,000. to fix the home prior to selling it. Somehow I’m guessing this sibling used up his $20,000. and doesn’t have any to give. The worse part for me is him refusing to even answer my calls or emails.

Now I can see why so many families fight and never speak to each other again. And you know what I did today? I spent it clearing out this home without help from this brother even though he fully knew we’d be working on the house.

That money was his to spend. It was not for you to spend. You use estate money, take a loan or pay yourself. You are the executor. Your job not his.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just pay it yourself and have the estate pay you back. Why aren’t you just using estate funds to do the repairs?

My mother left each sibling $20,000 in cash plus the house to be sold. After giving each sibling their $20,000. it was understood that we’d each have to contribute $5,000. to fix the home prior to selling it. Somehow I’m guessing this sibling used up his $20,000. and doesn’t have any to give. The worse part for me is him refusing to even answer my calls or emails.

Now I can see why so many families fight and never speak to each other again. And you know what I did today? I spent it clearing out this home without help from this brother even though he fully knew we’d be working on the house.

That money was his to spend. It was not for you to spend. You use estate money, take a loan or pay yourself. You are the executor. Your job not his.

Money from an estate shouldn’t be distributed until it’s closed so that you can cover expenses from the estate. At this point deduct his portion from the sale but don’t hand out any cash until everything, including taxes, is closed.

You are also alllwed a few as the executor. So if you’re feeling bitter about doing more work, take your fee. Although know it may cause waves.

[Anonymous]

Fee*

[Anonymous]

Definitely talk to the estate attorney. As executor you can’t just decide to deduct his 5k from the sale proceeds. He can easily contest that. Any judge would find in his favor because they look at the will not some sort of family agreement not on paper.

[Anonymous]

Make sure you put it in writing that he gets 5k less once the house is sold. Make sure you record every single thing, and have him sign the agreement before you start anything.

[Anonymous]

Op being executor doesn’t mean you get to tell people to give up their own money to fix up an estate asset. You should have used assets from the estate or if none available then sell as is.

[Anonymous]

OP, painting and floors are nice but if the house has bigger issues and not updated most people are going to see through your quick fix. Just skip it.

[Anonymous]

maybe the circumstances for this family have changed in the last bit of time?

the rest of you should cough it up and even up when the property is sold.

and be compassionate. That is more money for some families than for others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We all agreed as a group to do the basic cosmetic work, not myself alone. We’re not talking about a remodel, simply badly needed paint and sanding hardwood floors.

Let the new owners do it.

This.

The new owners might prefer carpet or tile...or even just a completely different type of hardwood. They also might prefer different paint than what you choose. What a waste to put the money and hard feelings towards your sibling into this, when the new owners might rip it all out just a few months after buying it.

[Anonymous]

OP again. Not sure why so many of you can’t follow this basic problem. All us siblings got together and mutually agreed to donate $5,000. towards this work, including this one brother. Now all of a sudden this one brother refuses to donate or even reply back to emails. This only forces the other siblings to come up with more money. Nothing like losing your entire family for $5,000.

[Anonymous]

Anonymous wrote:OP again. Not sure why so many of you can’t follow this basic problem. All us siblings got together and mutually agreed to donate $5,000. towards this work, including this one brother. Now all of a sudden this one brother refuses to donate or even reply back to emails. This only forces the other siblings to come up with more money. Nothing like losing your entire family for $5,000.

That’s not a donation and he has no money. You are a bully and best you leave him alone after all this.