Legal Question in Wills and Trusts in Texas
My Fater is 83 years old and has sighned over most all of his property to us children. There are 5 of us, 2 girls and 3 boys. So, we pay the taxes on the property each year and Dad still lives on the property. Of the five children, two have good jobs and one has two big of family, and two barely making a paycheck. Of the two that has the good jobs make good money but one of them wants all the property and thinks just because he spends every weekend on the property like a resort, she should have the property. The property is a 35 acre ranch that has fields to plow and maintain and animals to take care of. My father doesn't want to pay for anything anymore related to the ranch, so now he doesn't want to pay for the house insurance but wants to replenish stock bu buying sheep for the ranch.At least 3 of us are struggling financially and additional costs are mounting with this ranch. Fighting among the children is begining and someone suggested a family meeting, howver, none of have ever been able to discuss anything without fighting. What is the answer, should we have a mediator at a family meeting? How do we handle this situation beinf fair to all five children?
1 Answer from Attorneys
What you are doing now is not sustainable. You'll need to take action before all the money and equity is gone (which will happen much sooner than you think.)
I would recommend the following:
1. Hire an appraiser to evaluate the property.
2. Have the family meeting
3. Those who want the ranch can buy out those who don't
4. If the ones who want the ranch can't afford it, they can finance the cost to buy out the others by mortgaging the ranch.
5. If they can't agree, you can get a court order to force the sale of the ranch.
If you all can agree as to who gets what, then you can hire an attorney (most likely to represent dad) to prepare a family settlement agreement. You would all likely want your own lawyers.
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