Estate Question Help

[Silver Sable]

I am 24 years old and live in NYC.I own half a house and half a condo with my sister jointly.The house was left to us by our mom after she passed and and the condo was left to us by our dad after he passed.I'm currently at odds with my sister due to a personal matter and we haven't made an agreement yet of who gets what.I have a lawyer helping me with this problem but I don't know what to do.Should I take the house or take the condo? The house is paid off while the condo is currently rented by a tenant.I want to make sure I will make the right decision by getting feedback from experts.I don't know anything about estates and I'm very worried here.If anyone can help, please do.Thanks

 

[Majic Walrus]

I am 24 years old and live in NYC.I own half a house and half a condo with my sister jointly.The house was left to us by our mom after she passed and and the condo was left to us by our dad after he passed.I'm currently at odds with my sister due to a personal matter and we haven't made an agreement yet of who gets what.I have a lawyer helping me with this problem but I don't know what to do.Should I take the house or take the condo? The house is paid off while the condo is currently rented by a tenant. I want to make sure I will make the right decision by getting feedback from experts. I don't know anything about estates and I'm very worried here.If anyone can help, please do.Thanks

As an expert I say sell the house and spilt the profit then keep renting out the condo split the rent. New source of income!

 

[chaseter]

Sucks to be at war with a family member. Lawyer costs can get expensive so I say resolve the issue before you make things worse.

With that said, you own property is NYC so you must be rich so lets get married!

 

[Silver Sable]

how can i resolve it? by making an agreement?

 

[ComicChick]

if you and your sister can't reach an agreement, can't you have the estate probated in court?

i'm currently going through something similar

 

[hammy]

Why don't you just sell both properties and split the proceeds evenly?

 

[hammy]

Btw, sorry you've lost both your parents at such a young age.

 

[ComicChick]

Btw, sorry you've lost both your parents at such a young age.

mine actually involved my grandfather

my mom's step sister wants to sue my mother for my grandfather's estate. there was nothing, he has no estate, no properties, no will.

the only thing he had was a insurance to cover his funeral, which listed my mom as beneficiary. my mom's step sisters hadn't spoken to him in years and they live less than an hour apart. Had I not called them, they would probably not even know he had passed til this day. he never wanted them to have anything, or my mother's other siblings cuz they treated him poorly and never did anything for them. he's said a gazillion times whatever he had, he wanted my mother to have.

so that's his ashes and every single photograph/letter/sentimental keepsake he ever got from us.

 

[chaseter]

how can i resolve it? by making an agreement?

If you can't resolve your personal issues, sit her down and ask if you can settle this without being so nasty to each other and racking up the legal fees. Some of the time during fights or big seperations, pride or fear of rejection stops both parties from reachig out to compromise with the other. Be the bigger person and try to reach a compromise before things get more nasty.

 

[Silver Sable]

if you and your sister can't reach an agreement, can't you have the estate probated in court?

i'm currently going through something similar

Yeah most likely

 

[Silver Sable]

Why don't you just sell both properties and split the proceeds evenly?

Well I would but since the economy is messed up, I doubt anyone will buy a house or a condo now.In my opinion, I would like to have the house and rent out 2 rooms and my sister can keep the condo.I care for her but we can't live with each other anymore

Thanks for your condolences btw

 

[Silver Sable]

I forgot.My lawyer mentioned about I can buy my sister out or she buys me out.Anyone know that term?

 

[POWdER-man]

If you are going to involve lawyers, etc, mediation is the way to go. It would be the cheapest manner, aside from resolving it on your own, to get things worked out.

Umm buying the other person out is purchasing their share of the value of the property. If she owns 50% of the property, she would be entitled to half the value.

 

[SsM]

I forgot.My lawyer mentioned about I can buy my sister out or she buys me out.Anyone know that term?

Yeah... That could be costly though >_<

 

[Silver Sable]

If you are going to involve lawyers, etc, mediation is the way to go. It would be the cheapest manner, aside from resolving it on your own, to get things worked out.

Umm buying the other person out is purchasing their share of the value of the property. If she owns 50% of the property, she would be entitled to half the value.

Sorry but mediation won't help

So if I decide to buy her out, I'll keep the house but must give her half of the home cost right?

 

[SsM]

Sorry but mediation won't help

So if I decide to buy her out, I'll keep the house but must give her half of the home cost right?

Unless she demands more. What has your lawyer said about it?

 

[Silver Sable]

That's a good question b/c I didn't think of that.I'm going to ask my lawyer that right away

 

[SsM]

If she is already causing you trouble then she might just counteroffer you every step or just deny you buying her part out front. Has she seemed open to the idea?

 

[Silver Sable]

Well even though I moved, she changed the lock on the door of my house b/c when she saw some of the furniture gone that I took (and I couldn't afford to buy new furniture due to not having enough money).I have a court date on June 11 and hopefully this will come to an end.I really wish I knew about law

 

[SsM]

Well, That's what good lawyers are for

Though, If you both own half of the estate... Legally she CANNOT change the locks on the property without consent from you or letting you know/giving you a new key so you should be good on that unless she finds some random loophole.

 

[Silver Sable]

True

I told my lawyer about that and he reported this to the courts and my sister's lawyer.he informed him to tell her to give me a spare of the keys

I wouldn't be surprised if she does something else like selling our dad's condo without my permission

 

[SsM]

True

I told my lawyer about that and he reported this to the courts and my sister's lawyer.he informed him to tell her to give me a spare of the keys

I wouldn't be surprised if she does something else like selling our dad's condo without my permission

She can't, if your dad put both of you as joint beneficiaries the real estate agent would have to get you to sign the legal documentation to transfer over the ownership.

 

[Silver Sable]

I see

but she can still do that though.She's the "administrator" due to being 2 years older then me

 

[SsM]

I see

but she can still do that though.She's the "administrator" due to being 2 years older then me

I'm pretty sure that would be legal grounds for a hefty lawsuit on your behalf... Unless she gave you notification and was willing to pay your half of the share.. She would still have to get your signature( I would think, unless they have changed how things work).