Posted on: 09th Oct, 2007 12:35 am
my brother is executor of my dads will who passed away in june 2007. he now holds a quit deed signed and file in 2004. i say today on line where he now has a survivorship deed filed. does anyone know why this would be done? the will states all sibilings are to share in the personal and real property. last week my brother told my nephew he couldn't get a loan large enough to buy the house and pay us 4 siblings our share. he says he either has to do that or sell it and split the profits 5 ways. is this the way he has to go about it or are we on our way to getting the shaft?
thank you,
rae
thank you,
rae
Hi Rae,
Filing survivorship deed by him automatically transfers the ownership of a decedent's interest.
Filing survivorship deed by him automatically transfers the ownership of a decedent's interest.
Hello Rae,
I don't know with what intension your brother has filed the survivorship deed but you should ask him about that and get it clear. Generally, a survivorship deed is not used to distribute property equally among siblings. Moreover, with this, the last surviving person named on the deed becomes owner of the whole property.
You should consult an attorney immediately regarding this matter.
"Last week my brother told my nephew he couldn't get a loan large enough to buy the house and pay us 4 siblings our share."
I didn't get you. Could you explain this.
I don't know with what intension your brother has filed the survivorship deed but you should ask him about that and get it clear. Generally, a survivorship deed is not used to distribute property equally among siblings. Moreover, with this, the last surviving person named on the deed becomes owner of the whole property.
You should consult an attorney immediately regarding this matter.
"Last week my brother told my nephew he couldn't get a loan large enough to buy the house and pay us 4 siblings our share."
I didn't get you. Could you explain this.
My brother told my nephew the mortgage company would not give him a loan big enough to buy the house (which has a mortgage on it) and buy the other 4 siblings out. All 5 of us were named in the Will and are expecting the brother to either sell the house and split what's left over after the mortgage is paid off or buy the 4 of us out. What good is a Will if it's not followed and enforced as the case may be here?
Thank you,
Rae (OHIO)
Thank you,
Rae (OHIO)
Hello Rae,
Thanks for clarifying your point.
Your brother has to buy out the share of the other siblings in the property and for that he has to take their consent. There lies the function of the will. If you do not agree, he cannot do that. Even if he wants to sell the property, he has to take consent from all.
Could you tell me when the will was prepared?
If the quit claim transfers the entire property to your brother and was prepared after the will, then in that case I think, the will becomes invalid.
Thanks for clarifying your point.
Your brother has to buy out the share of the other siblings in the property and for that he has to take their consent. There lies the function of the will. If you do not agree, he cannot do that. Even if he wants to sell the property, he has to take consent from all.
Could you tell me when the will was prepared?
If the quit claim transfers the entire property to your brother and was prepared after the will, then in that case I think, the will becomes invalid.