I live in the state of Michigan and I have a question about ownership of real estate. My father passed and there are 3 surviving children including myself. He had no will on the house and there is a mortgage on it. My brother and I were living in the home and I recently moved out. He (The Oldest Survivor) still lives there and is the executor of the estate. My other sibling and I want to sell the home but my brother doesn't. We would be willing to have our shares to be bought out. He wants my sister and I to sign a disclaimer for our interest in the home.
Given your brother,s interest in staying in the home and in not paying out the shares to others, it is likely that you will want to be represented by counsel to ask that he make a decision as to either buying the property or selling it and dividing the proceeds. You will want to be represented by counsel.
You should not sign anything until you talk to an attorney and discuss your situation and your needs. If the property is not disposed of via a will or some other estate planning document, then it should pass via intestate succession through the probate process. You should contact a probate attorney to go over your options.
Christopher Allyn SevickResidential Real Estate LawyerAnn Arbor, MI ·
I would recommend that you make an appointment with an Estate Planning Attorney and take this question, with the specifics, to him to assist you with. With a mortgage on the parcel it is very important to do if there is any equity in the home, or the estate, so that such isn't squandered in a way that benefits your brother, but not the other two of you.
I do not disagree with my colleagues, but there is not enough information provided to give you any real guidance. Generally, you can have your brother buy you out or you can seek to have the property sold. The court can order any of these things done. Since your brother is acting as PR, he needs to proceed with extra caution, since he stands to benefit from this transaction, depending on how things are structured. If you sign a disclaimer for the house, you will give up all rights to the property. It does not sound like this is what you want to do. Your course of action depends not only on your objectives, but also the value of the property and the amount of the loan, among other things.
James Frederick
It is true that you should not sign this disclaimer until you've had it reviewed by an attorney. It is hard to tell where you are in the process. You mention that there isn't a Last Will and Testament, but also that your brother is the executor. If a probate action has been initiated you should have received notice and had an opportunity to act as executor. If your brother has in fact been appointed by the court to act as the executor, he is fiduciary and must act accordingly.
You need to consult with a knowledgeable probate attorney before signing any paperwork and to understand your options as an heir of your father's estate. A disclaimer would only be appropriate if you are giving up your interest in the house, not if you want your interest bought out by your brother. You may need to seek the probate judge's assistance if the siblings cannot agree on disposition of the house. Please seek legal counsel as soon as possible. Best of luck to you.
I agree with the attorney attorneys -- but most with Attorney Fredricks.. you do not give enough information to go on. To me the primary information needed is if there is any EQUITY In the home.. i.e. what is the value of the home and how much is owed on the mortgage? If it is underwater (e.g. mortgage higher than value), a disclaimer is possible IF your brother covenants not to use assets of the estate to pay off the mortgage, etc. PLEASE CONTACT AN ATTORNEY
