If my mom died and left her house to my sister and I to each get 25% and our 5 children to each get 10%, how do I keep the house and buy out the remaining family members?

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If my mom died and left her house to my sister and I to each get 25% and our 5 children to each get 10%, how do I keep the house and buy out the remaining family members?

Asked on July 16, 2013 under Estate Planning, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am so sorry for your loss.  There are different ways to buy out the other heirs but first you need to have the home appraised as of the date of death of your Mother.  Say it is worth $100,000.  Your share is $25,000.  So now you would need to come up with $75,000 to pay off the other beneficiaries.  You can apply for a mortgage to do so.  If there are other assets available you can use those too (say there is a bank account you are to receive a portion of.  You would deduct your portion from the total owed to the others in percentages as well).  Good luck.


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