QUESTION
Am I entitled to a third of the property since I'm the beneficiary and can I force my sister to pay me my third?
Asked on Aug 11th, 2014 on Estate Planning - Ohio
More details to this question:
My father died recently and made me and my 2 brothers the beneficiaries of his estate, purposely leaving my oldest sister out of his will because she often took advantage of him. She was supposed to be paying him back for a property he was selling to her by land contract. In his will, he stipulates that me and my brother are executors and we can divide his real estate as we see fit. My brother says that my dad told him that he wants my sister to have the property. The land contract was supposed to paid off in 2012. My dad kept records and she only paid him $20,000 of the $70,000. To settle the estate, the attorney wants me and my brothers to sign a quit claim. Thank you.
2 ANSWERS
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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From the facts I would say that your sister owes the estate $50,000 unless the land contract states otherwise. If she would like to keep the property she should have to fulfill the terms of the contract. There are more facts needed and also a review of the will is necessary to properly answer your question of what you are entitled to.
Answered on Aug 15th, 2014 at 11:22 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The first issue is whether your father's records are good enough to be accepted in court as proof that your sister defaulted on the land contract. Just having his written records probably isn't good enough, do you have his bank records so the deposits from your sister can be tracked? The second issue is whether your brothers want to pursue a foreclosure action against your sister. There are three executors and you're only one of them, certainly your father's interest in this property is an asset of the estate and the estate can't be closed until either the executors give it to your sister or you take your sister's interest back and give it to yourselves.
Answered on Aug 15th, 2014 at 5:17 AM