My dad left a house to be divided among the five children. My brother the executor is living in it right now. He wants to remain indefinitely, we suggested he get a loan from the bank, pay us all out so he can keep the house. Is this a good idea?
Your suggestion is fairly common. If your brother were to keep the house and not pay the other beneficiaries you could seek relief from the Surrogates Court.
There are a couple of things to think about here. where is the house? Do you need the money right now or later?
Can your brother actually get the house?
Can you derive any rental income from it?
If your brother continues to live in the house, will you be responsible for carrying charges?
This is a common situation, and usually works out fine for everyone provided you are all paying attention!
I agree with the other two answers, but the key here is to insure that whatever you decide to do is both practical (CAN your brother get a loan / mortgage?) and legal (insure the agreements are in place to enforce the agreement should something go awry.).
The attorney handling the estate should be able to get things rolling, but you would be wise to also have an independent attorney representing you review the paperwork and be there to answer whatever questions you might have.
This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
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