wwyd-will

[Hannathy]

the amount I asked older brother to pay is about $800 less than blue book value, but is the amount that would satisfy all mom's debt and close the book-so to speak. whatever monies are left would be divided by all 4 of us, plus the collectibles-which are not that valuable, mostly sentimental. I thought it was an equitable compromise.

That's a big difference in the amount of money you and your brothers would be getting. At the very least if he does get the car for 800 less THEN any money left to be divided should only be divided c3 ways until you each get 800 THEN what is left over 800 can be divided 4 ways. THat is the only fair way to do it and the only way to avoid problems down the road. and if 1` sibling is treated better than the others then there will be problems later no matter what is said now, BELIEVE me!!!

 

[The Mystery Machine]

the amount I asked older brother to pay is about $800 less than blue book value, but is the amount that would satisfy all mom's debt and close the book-so to speak. whatever monies are left would be divided by all 4 of us, plus the collectibles-which are not that valuable, mostly sentimental. I thought it was an equitable compromise.

It is not fair to the estate when you divide assets.

Your brother should pay fair market value for the car and then he will get that money back when you divide up the estate.

Legally you are asking for it if you favor this brother over the others. Why does this brother get more of the estate? I would predict internal fighting over this. Save yourself the headache and possible legal action.

 

[disneystacy]

I would tell brother he needs to buy the car for "market value" if he wants the car.

Just because it was your mother's wish to have him get the car does not translate into him getting the car for free.

Your brother is free to turn down the offer and then you are free to sell it private party sale.

I would do this.

I am sure if your mom knew you didn't have enough money in her estate to cover her final bills, she would want the car sold.

Do what is fair for the people who are still living, the dead are dead and don't have to deal with the consequences.

 

[Traveliz]

Ok seriously though think of the cost of selling the car to someone else and the fact that although book value is 800 more you might not get that. I think that is worthy of consideration as well. Here you have a "buyer" without the hassle.

Liz

 

[dodukes]

Ok seriously though think of the cost of selling the car to someone else and the fact that although book value is 800 more you might not get that. I think that is worthy of consideration as well. Here you have a "buyer" without the hassle.

Liz

This. I dont see the big deal if the brother is willing to pay for it. $800 is bargaining during a sale anyway and the cost and time involved. I really cant see where some people would fight over this. He is really not GETTING anything, he is paying for it so its not like a gift. Also at the end you will all be splitting $200. Serioulsy would some people here not talk to family over this???

 

[tlbwriter]

This. I dont see the big deal if the brother is willing to pay for it. $800 is bargaining during a sale anyway and the cost and time involved. I really cant see where some people would fight over this. He is really not GETTING anything, he is paying for it so its not like a gift.

He is getting the difference between what he pays for the car and what someone else would have paid for the car. That part is the gift. We have no idea how much the car is worth, so we don't know if $800 is really "haggling room." What if the car is only worth $3000?

Also at the end you will all be splitting $200. Serioulsy would some people here not talk to family over this???

Did I miss something? Where did this come from?

The bottom line is, the OP is required to carry out what's written in the will. And if she sells the assets, she is supposed to sell them for market value - she is not allowed to give one family member a sweetheart deal.

 

[The Mystery Machine]

This. I dont see the big deal if the brother is willing to pay for it. $800 is bargaining during a sale anyway and the cost and time involved. I really cant see where some people would fight over this. He is really not GETTING anything, he is paying for it so its not like a gift. Also at the end you will all be splitting $200. Serioulsy would some people here not talk to family over this???

Legally as the person in charge of the will you need to carry out the estate properly.

Everything needs to look legit on paper for the long term.

If people want to give the brother cash out of THEIR OWN inheritance pocket in order to give brother a "deal" on the car then that is something they can do privately.

As the executor of the will your job is to dot the i's and cross the t's.

 

[ShesAPirate]

I'm assuming OP's mom wanted her bro to have the car because he doesn't have a car, can't afford one, and possibly has some other issues (financial or otherwise) -- not just a "I like him best, so he gets more" situation. Correct me if I'm wrong...

OP, I'm sorry for your loss and for the stress you're going through now, dealing with all of this

 

[Traveliz]

He is getting the difference between what he pays for the car and what someone else would have paid for the car. That part is the gift. We have no idea how much the car is worth, so we don't know if $800 is really "haggling room." What if the car is only worth $3000?



Did I miss something? Where did this come from?

The bottom line is, the OP is required to carry out what's written in the will. And if she sells the assets, she is supposed to sell them for market value - she is not allowed to give one family member a sweetheart deal.

Ok so if you are required to sell items for market value what happens when you can't get that market value...you are still having to title, pay insurance etc on the item (if it is a car). Cars "may" have a market value out there but there are a lot of items that are sold in estates that don't have a set price. Plus the executor can charge the estate for her time/effort in selling the item (any expense that she has as executor as well).

Liz

 

[The Mystery Machine]

Ok so if you are required to sell items for market value what happens when you can't get that market value...you are still having to title, pay insurance etc on the item (if it is a car). Cars "may" have a market value out there but there are a lot of items that are sold in estates that don't have a set price. Plus the executor can charge the estate for her time/effort in selling the item (any expense that she has as executor as well).

Liz

OP already said she could get more money for the car if she sold it privately.

 

[Praying Colonel]

What would I do? I would consult an attorney in my state who practices in probate law.

Probate law varies from state to state. But generally, if you have been appointed Executor by the court, you need to follow your state's law in acting as Executor. If you have not been appointed as Executor, you probably need to be appointed by the court, even if the will nominates you. Otherwise, you probably have no legal authority to do anything with the car or anything else pertaining to the estate.

Acting improperly in this matter could expose you to personal liability. Don't let the DISboards serve as a substitute for legal counsel. Consult an attorney in your state.