Harry Gross: Estate of uncertainty: When a sibling isn't on same page
DEAR HARRY: My mother passed away recently at 87. She left a paid-off house in her name. I am the executor of her estate, which provides for equal distribution to her four children. My younger sister, while she went back to school, moved into the house ab
D
EAR HARRY:
My mother passed away recently at 87. She left a paid-off house in her name. I am the executor of her estate, which provides for equal distribution to her four children. My younger sister, while she went back to school, moved into the house about four months before Mom's death to help her. My sister now feels entitled to stay in the house until she graduates in about two years. The other three of us want to allow her to remain for another year to give her the opportunity to get another place to live. We have signed an agreement to that effect, but I'm pretty sure she won't agree. How does the estate get divided if the house is lived in by one of the heirs who has no interest in moving out? We want to avoid legal action against my sister, if possible.
WHAT HARRY SAYS: I don't know how the three of you stand financially, so I have to be tentative in my response. Is it possible that you can afford to allow her to remain at three-quarters of a fair rental? The others then would receive a flow of income for the next two years, at which time you can sell and distribute the proceeds. Trying to get her out forcefully will take legal action that won't be pretty. Selling it with her residing there is practically impossible. Good luck.