What is a fair way to buy someone out of their will portion? 6 Answers as of June 07, 2011My father left gold and silver to my 3 brothers and myself. My brothers are willing to buy me out of my portion. It was assessed 6 months ago and those values have gone up. My brothers refuse to do a reassessment based on current prices to buy me out. What’s fair?
Burnham & Associates | Stephanie K. Burnham
The best way to purchase someone's share of an inheritance is to agree on a price. If there is no agreement, you can get an appraisal to determine fair market value. What may be best is for you and your siblings to agree on an Appraiser and let the Appraiser's decision of value be final. Otherwise, you may just want to take your portion and sell it privately to someone else if you can't agree.
Answer Applies to: New Hampshire
Theodore W. Robinson, P.C. | Theodore W. Robinson
What is fair is what everyone can agree upon. I agree with you that since the price of gold has risen, they should pay the higher price. However, if they won't do that and you really want out, then you don't have much choice in the matter and you may be forced to accept the original figure. Remember, gold prices can come down too without much notice to anyone. I suggest you discuss it with them and try to arrive at a middle figure somewhere in between the two prices. You may need an attorney to negotiate it for you. Good luck.
Answer Applies to: New York
The Coyle Law Office | T. Andrew Coyle
I would think that you all need to agree to assign a value, put it in writing, and also put a date for when payment to you needs to be made. I don't know what would be stopping you from just taking your portion of the gift and selling it to an independent third party; but, if you prefer to sell to your brothers, I would recommend having everything done in writing.
Answer Applies to: Illinois
Ashman Law Office | Glen Edward Ashman
It's not a matter of what's "fair." Unless you and they agree on something, you all have to do exactly what the will says. If they don't want to agree with you, everyone simply follows the will. You should be using an attorney since you have a contested probate. Be sure to discuss this with your lawyer.
Answer Applies to: Georgia