Legal Question in Wills and Trusts in California
Division of Real Estate among beneficiaries
My mother has prepared a will in which she divides all property between my sister and I 50-50 without specifying who gets what property. I am concerned because my sister and I are not on the best of terms and I would like to avoid any situations which might worsen our relationship. My mother owns two homes in addition to some mutual funds. In order to divide the property equally, it appears all the property would have to be appraised, and then some deal struck between my sister and I about who gets what. Would be better in the long run to designate in the will now who gets which home and what percentage of other property goes to whom?
3 Answers from Attorneys
Re: Division of Real Estate among beneficiaries
Not only does it make sense to put the division into a will, your mother should actually have a Living Trust prepared, and put the property into the trust.
Even with a will, the estate would need to go through probate, which could be over $10,000, especially if there is more than one piece of real property.
A living Trust will avoid probate. Let me know if you need help with one.
925-924-0100
Re: Division of Real Estate among beneficiaries
Not being specific makes sense in that if the property changes, or values change disproportionately, the will would have to be re-written to be fair.
The better idea is to have someone else as executor if it is certain that one or both of you is not able to put differences aside, or if it is certain that you couldn't work together. The third party would then get the appraisals and divide the property fairly.
On another note, if there is real estate involved, a living trust may be better than a will in that the administration costs would probably be cheaper than those for a will.
Re: Division of Real Estate among beneficiaries
It is wise to try to strike a deal with your sibling now, as opposed to later, but you must have an appraisal of everythink first. Please let me know if you need help with drafting a settlement agreement for you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
