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Reply to "Advising parents on how to set up will"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]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[/quote] 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.[/quote] 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.[/quote]
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