My Father's Will.. what would you do?

Question

My Father is revising his will... he wants to give his house to my brother... The house is the bulk of his estate and today's current market value is about $600,000... The remainder of the estate is minimal... The lawyer has advised my Dad that this would NOT be a good thing to do and suggested another way to make it equal for my sister and I. My brother either selling the house or compensating my sister and I. But I know that my Dad WANTS my brother to have the house..

SO... do I abide by what my Dad WANTS.. and walk away with virtually nothing or do I let my Dad be persuaded by the attorney to equally divide things?? My share would be about $200,000 ... that's a lot of $$ to walk away from...

I would not contest the will.. Whatever my Dad decides, so be it...
My parents paid $15,000 for the house 40 years ago... My Dad had no concept of the value of his house until the lawyer called it to his attention...

I wonder about the lawyers influence on my Dad's decision...

Answer 1

First of all you have to realize...it's not your money ..it's your dad's. He has the right to give it to whoever he wants. I think it's sad that he wouldn't split his assets equally between the kids, but it's his choice. Just let it be what it is. (hopefully the attorney will help him do the right thing) If he doesn't change his mind, realize that it is what it is and don't ruin a relationship with your brother because of a choice that your dad made for him. (no amount of money is worth losing a sibling over) But, I hope that it turns out right in the end.

Answer 2

As long as your father is alive, you will only tick him off if you continue to be involved with this. He'll think you are greedy and might disinherit you altogether. Some parents don't feel like all their kids deserve or need the same. It's their money. In most states, a person's will is honored after death unless it was drawn up or revised when their mental state was questionable. If his lawyer is working in your favor, leave it at that.

I know where you're coming from, and I'm in no position to judge your attitude about this. I am my parents' only surviving child, so I'm getting everything they have, and it is quite a lot. It is a blessing though, it's not like I deserve it, and I would much rather have my brother alive and give it all to him than getting a single penny, but that is me.

Answer 3

Unfortunatley, it is about what your father wants, and if he wants your brother to have it, then that's his wish, attorney or not, and I think it's abominable that people conest wills.

An example: A friend of mine and his brother took in their ill and decrepit aunt, paid for her special bed and medicines, without any help. She left everything she had to them, which tehy didn't care about, and it was minimal anyway.

Until they found the bonds worth over 10 million dollars. She knew about them, but no one else did, and she stated in her will that everything was to go to her nephews. Her own kids didn't take her in, but they did.

Well, the kids found out and are contesting the will, so when all is said and done there will likely be not too much left.

But i am in the same boat. My father wants to leave the classic convertable to my sister; an it is worth A LOT. But it is his wish, and she would love the car not only because it was hjis, but because she is a car fanatic. And I have no problem with that.

Answer 4

Have the lawyer set it up so your Brother has to give you your fair market share of the house and let him take out a 500-600K mortgage to do so. He can keep the house, have 100-200K in reserve, and you and your sister will get your 200K fair share. Otherwise, you and your Sister will have to fight in court to break the will. Court costs and Lawyers will eat a large amount of the money.

Answer 5

You could always fight it after your father passes away, but your father should split the estate in 1/3's and your brother would have to buy the both of you out.
Good luck.
It always sucks when stuff goes down like that, especially with family and money(it NEVER mixes well).

Answer 6

Do both and here's how:

You should be able to attach a lein to the proceeds of the house should it be/whenever it is sold.

This gives you a right to those future proceeds if your brother decides to "cash out" but gives your brother the unending right to live in the house as long as he wants - fulfilling your dad's wishes.

Answer 7

Whoever earned the money should be the one to decide where it goes. My brothers are always talking about their inheritance. I told my mother I think she should spend all her money before she goes. I'm disgusted by the current age of entitlement.
Does your father have a reason for leaving your brother the house?

Answer 8

Talk to your own lawyer and see what options are available. The threat of a lawyer being retain to contest the will may do the trick. But you will need to talk to a good lawyer to find out what your options are.

Answer 9

That's the problem with society today. MONEY! This is your DAD you are b*tching about. Get over it! You don't have the money now, so what if you don't get the money later? Stop fighting about money and spend the rest of your dad's good years together. I can hear it now, he dies and you start to blame yourself for not being around, and fighting all the time. Nip that in the bud now and just drop it! YOU stay out of it. This is between your father and his attorney.

Answer 10

At the end of the day it is your dads property and money and he can do with it what he wants. Have you tried talking to him? He could leave it all to charity and none of you have anything. Most people assume it is your right to have the money as he is your father. But, his will can be worded and set up so you don't get what you want, he gets what he wants.