Legal Question in Wills and Trusts in California
I think im being robbed
My fther passed away in March 2006. He left no will for my brother and I, but one of his estates in California was being taken by his business partner due to a loan they got on the property to get the business going. My uncle said he will get a lwayer on it for us, negotiated to have the loan assumed and the property turned over (since there is about 60 - 100,000 dollars of equity in it). Now my uncle is saying it is his and will give it to us after he dies. He is also wanting o rent it to my brother, since my brother and his fmaily has no house to live in. I want to see if its possible to get the property back, let my brother live in it, but in our names, not his.
2 Answers from Attorneys
Re: I think im being robbed
You and your brother are entitled to your father's share of the business which looks like about $40,000. Whether your brother rents the house is irrelevant. Let's for get that. Now let's look at the $40,000. First you have to prove that the partnership agreement between your father and your uncle does not guarantee the asset to the surviving partner. Now you have a problem. Do you want to put your uncle out of business for $25,000 now or would you rather share in 1/2 of the entire asset when your uncle dies? Bear in mind that the litigation expenses are significant if you go for the $25,000. On the other hand, if you decide to go for the entire property when your uncle dies be sure to get the deed changed now to a life estate for your uncle and then to you and your brother.
Re: I think im being robbed
you need to retain an attorney to represent you and either initiate probate proceedings or file a complaint for some other form of relief related to the real property.
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