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FIB - Scams 101 - Ye Olde Archives
Posted By: Dennis Bevers <bassco2@bellsouth.net> In Response To: Re: A Very Important Question/ Related to LIFE! Please Read... (Angela)
Saturday, 29 October 2005, at 9:24 a.m.
Angela,
If there is no will specifically addressing the transfer of ownership of the house, or addressing the woman's children, then the ownership part of the estate. All of the children, susviving or deceased are entitled to an equal share of the house, with any deceased shares passing on to that person's children or spouse, if any.
Assuming (just for an example), there are four children. The woman's aunts, uncles, brothers, sisters, nieces, nephews, etc have no share or claim, unless specified in the will. The four children are each entitled to one-quarter of the estate, including the home, minus any items set aside for specific heirs.
Your husband's ex will be entitled to one quarter of the home, and would receive one-quarter of the amount realized from the sale, after expenses and taxes. However, if the other heirs agree, she can "buy" the house from the estate at either the current market appraised value, or some amount agreed upon by all the heirs.
Her one-quarter would be inherited, and she would need to pay (possibly getting a mortgage) the remaining 75% into the estate for her 3 siblings.
No one in the family will benefit from a protracted fight over the estate, and your husband's ex doesn't want to go that route. But, offering to buy it from the estate at market value shouldn't cause any fight.
Her claim to buy the home is without question, but any claim to receive it outright for living in it and contributing to her mother's well-being don't necessarily translate to any greater claim over her siblings.
I'm not an attorney and don't play one of TV. A Florida attorney will know all the finer points of the law.
I hope this all can be worked out, with no hurt feelings, but agree that the women should have her feelings considered. Unfortunately, estate settlements don't always work out without someone getting slighted.
Dennis Bevers
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