Legal Question in Wills and Trusts in Indiana
my dad died and everything was suppose to be split down the middle to me and my brother. the house is my question. my brother told me if i payed $120,000(what the house was appraised at) i could have it. so out of my inheritance came out 120,000. my question is should i have paid only 60,000 for my half and my brother get the whole 120,000 or should i have made him pay 60,000 to get his name off the deed. i don't really know indiana probate laws so if you could let me know if this is rt by law or can i sue them for doing this?thanks.
2 Answers from Attorneys
If each of you owned one half of a 120k house, each of you had a share worth 60k. Any one who wanted to buy your brother's share, including you, would want to pay 60k for it.
You should not have to pay $120,000 for the house if you're a joint heir with your brother. You only had to pay half -- his half of the inheritance. You never have to buy your own share of an inheritance. If you all wanted to liquidate the assets, then it might be that a sale of the house is made for $120,000.00, and at closing, he get's $60K and you get $60K.
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