Q: My brother passed away and had no will his kids made me administrator of the estate. How do I split the home
His son was living with him and wants to stay in the house. His Half sister says it’s ok but when he sells she wants half. How do I set that up? There are no other assets so how do I pay off his debts and end my responsibilities As administrator?
A:
The son could buy the 1/2 of the house the sister owns now. He should easily be able to get a loan for 50% of home. This protects the sister in case he eventually does something that could endanger the property.
Talk to an attorney to go over your options and obligations as an executor. There are checklists as an executor you should follow. As an executor you have a lot of responsibility that could come back to bite you in the rear of you don't wrap things up correctly. At the end of the day, the home may need to be sold to pay the debts. It could be sold to the son, so you may need to talk to an attorney who does this on a daily basis to avoid the issues.
Also as an executor you are entitled to a commission. It is up to you whether you take this or not
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