Legal Question in Wills and Trusts in Massachusetts
My father past away leaving his house. My older brother has been elected overseer of all matters. House is fallen down, he is trying to sell it not too many bids and they are low. If all family members agree can I buy for example $ 1.00 just for transaction purposes and become home owner. Then once owner take our an equity loan, pay eldest amount we would have receive then he would carry out his duties finanizing estate.
2 Answers from Attorneys
My condolences on the loss of your father. In answer to your question, your brother, if he is an "administrator" or "executor" has what's called a "fiduciary duty" to your father's estate. In this context, that means your brother would need to demonstrate, both to you, and the other beneficiaries, that your ownership of the house, and payment via home equity line, was the best way to maximize the value of the property.
At minimum, I think you would need to have the house appraised, and some kind of guarantee that you would be approved for the home equity line (in my opinion you should go to a community bank on this, not some national bank). You would also need a hot shot real estate attorney to handle the conveyance, and the home equity loan. If you want a referral for the latter, I can see what I can do: [email protected]
In order to make a proper opinion you need to review the administrators/executive authority
I agree with Mr Jacobson that an appraisal of the property should be made