Skip to comments.Vanity: what would you do? Tis a Puzzlement.
Posted on 02/16/2020 8:03:42 PM PST by madison10
This is swirling in my brain and there seems to be no good answer:
I am executor of my parents' estate. My mom passed away less than a month ago. In order to distribute the estate according to the will the farm property (and probably house) will have to be sold...or something.
Problem 1: the property has been in the family over 150 years. No one in the family farms it. We are at the end of progeny who "might" want to farm it. The one possibility is in high school still. All of the adult children but one live adjacent to the property.
Problem 2: one sibling who cared for our parents (sibling received a regular paycheck from parents for their care and lived with parents) currently lives in the family home. Said sibling is single, almost 50, has trouble walking due to arthritis, and now has no job. The fourth home "on" the property is where the sibling lives.
Problem 3:The house is 44 years old and has not been updated much. The yard is probably at least three acres to mow. Honestly, I am not sure the other siblings would want to buy the house or are able. It needs fixing up for sure.
The dilemma is: what would YOU suggest occur? There seems to be no answer in my brain. There is the business side of this, but the emotional/legacy side is tearing me up. Not sleeping a ton.
Thank you, oh wise ones.
I know what I would do—and you are _not_ going to like it:
On the surface of it, it sounds like the best thing to do would be to sell it and divy up the proceeds.
FYI... Jack Bogle was the founder of Vanguard.
I can’t solve this but you might clarify for others what your goal is for the estate according to your mother’s wishes, split it equally, etc. And whether the siblings are on board/how many.
Sorry for your loss.
sell it all or if sibling wants house 4 leave that as their “Inheritance” if no one wants to farm it, if no one wants to mow the yard, let it go. Let the past go, it is where you grew up but that was then, not to sound to harsh forget the emotion or legacy, it is the past, recall it, enjoy it at family gatherings, do not hang on to it.
Sounds like you need to have a meeting or a series of meetings with all of the heirs. You may as a group decide to bring in some outside help.
If the heirs are not interested in participating you have at least part of your answer.
Do not try to guess what your family members want. Get together and talk about it.
Problem 1: Given no one wants to farm it, this problem suggests the farm should be sold.
Problem 2: She was compensated for her work, drew a salary and appears she had room and board. I would view this as no different than anyone else who had a job, and finds them self out of work. It has no bearing on the financial aspects of the sale of the farm.
Problem 3: This simply means the house doesn’t add much to the sale price of the farm. Have an independent appraiser determine the value of the property and put it on the market at that price. If a sibling wants to buy it, they can. The net proceeds from the sale are distributed among the heirs.
You need to view this a a purely financial matter and keep any and all emotion out of it.
Figure out highest and best use of property and maximize return is your duty as executor.
A good lawyer might help you. I know they get a bad rep, but there are many honorable ones.
(Also a good financial advisor.)
It is not my nature in a way, but I AM a rule follower. Could not think of ANY creative way for the sibling to stay in the home other than said sibling buying everyone else out, but it would be a huge burden.
The meeting is this coming Sat. and the reason for the stress.
I don’t envy you...you’re in a difficult situation.Property in the family for 150 years takes on an emotional importance that cannot be denied.
Dear Madison 10. You may no me as Jakarta ex-pat, but my real name is Prince kunamade from Nairobi.....
Can you partition the land; keeping the home on a far smaller piece of land and sell everything around it?
The first thing is to talk to everyone affected by keeping or selling the property.
I don’t like that you were forced into this very difficult situation.
If the stress is too much for you, you can bail...just keep that in mind.
Not knowing where the property is..
My first reaction for now is get sheep and goats to mow the lawn. Grow milkweed in a section to be a Monarch Butterfly sanctuary (no watering needed). Plants Christmas trees to sell, guess when?!
Just because the house is not up-to date may make it easy to sell. New owners can use it as a ‘foundation’ to build their dream house.
Prayers for the arthritic sibling.
Also prayers for you.
That is funny ‘cause that is what I told my husband the sibling could do to keep the lawn mowed: use sheep or goats.
First thing, take a consensus from the family. Depending on the outcome of that you will need to determine the next avenue to proceed down.
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