Real Estate question

dantheman · Oct 30, 2017

My wife informed me this week that she is co-executor of her Godmother's Will . The other party being a cousin . I didn't know this . Whatever . Her Godmother lives in California , as does the Cousin . According to her , after everything is settled , the house is to be sold with the proceeds split between her and the cousin . For the record , her cousin is a shyster and can't be trusted .She already knows that she will probably get screwed in this deal . Any advice , things to watch out for , etc. ?

shrxfn · Oct 30, 2017

I went through the same thing with my sister. The main thing is how is the will/living trust worded? If it explicitly states the split in the document then you have a legal leg to stand on if it is vague or worded in some other way you can be screwed depending on how it goes.

My main thing would be get a copy of the will/trust and see what it says. I got screwed because my mother put my sisters name on everything and so I had to rely on her goodwill to get what I got. Almost went to court over it and had already talked to an attorney specialing in this stuff and had witnesses lined up to take my side but it all worked out in the end and got what was supposed to be mine kind of.

dantheman · Oct 30, 2017

Good idea . She may have a copy . I'll ask .

Gator 45/70 · Oct 30, 2017

dantheman said:
My wife informed me this week that she is co-executor of her Godmother's Will . The other party being a cousin . I didn't know this . Whatever . Her Godmother lives in California , as does the Cousin . According to her , after everything is settled , the house is to be sold with the proceeds split between her and the cousin . For the record , her cousin is a shyster and can't be trusted .She already knows that she will probably get screwed in this deal . Any advice , things to watch out for , etc. ?

If you can't screw your family and friends, Who can you screw?

Your enemy's won't come around so that only leaves family and friends!

AustinBR · Oct 30, 2017

dantheman said:
My wife informed me this week that she is co-executor of her Godmother's Will . The other party being a cousin . I didn't know this . Whatever . Her Godmother lives in California , as does the Cousin . According to her , after everything is settled , the house is to be sold with the proceeds split between her and the cousin . For the record , her cousin is a shyster and can't be trusted .She already knows that she will probably get screwed in this deal . Any advice , things to watch out for , etc. ?

You should request a copy of all documents and if the estate is large enough to justify, hire an attorney to handle everything. Make sure you send a copy of the death certificate to any financial institution who holds her godmother's money so they freeze the accounts.

LACamper · Oct 30, 2017

At the very least have your attorney (one from that state...) look over the docs and advise you. And, yes, you do need an appraisal on any transactions. Call a local lender and check out the appraiser, don't let the cousin select one.

shrxfn · Oct 30, 2017

Maybe have an attorney handle the house sale and put the money in escrow so you will know you get your fair share as well. If you look around a lot of attornies will give you a free consultation and sometimes some advice to start you on the way.

dantheman · Oct 31, 2017

This whole thing is giving me heartburn because I know what a snake the cousin is . Anyway , the Godmother is old but in good health so we have time to clear up some things before this comes to pass .

nolaradio · Oct 31, 2017

I'll try to explain this in a way that isn't too confusing.

DO NOT LET THE GODMOTHER PUT HER HOUSE IN YOUR WIFE'S NAME!

Why?? Here goes...

Let's say the house was originally bought way back in the day for $10,000 and is now worth $100,000. If you sell the house after her death, you're on the hook for taxes on the $90,000 that it went up in value.

If the house is left in the will and then you sell it for $100,000, you will owe nothing since you received a house worth $100,000 and sold it for $100,000. If you sell it for $101,000 then you only owe on the $1,000. Make sense?

I've heard Dave Ramsey explain this to many many callers over the years. Some learned this lesson too late.

Good luck with everything.

dantheman · Oct 31, 2017

The house is not going to change names .

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