Both my parents are deceased and their house is our inheritance. There is an estate account set up. There are 6 siblings and one of us is going to purchase the home. The home will cost one hundred and seventy thousand. So one of us is borrowing eighty five thousand and one of us is going to pay the other eighty five thousand and between those two if the house every is to be sold the eighty five thousand will be paid back at that time. How does the one that is paying the eighty five thousand cash pay it ? Does it go to the estate account to be divided or does it go to the sibling that is buying the home and then she pays the other siblings their share?
1 Answer from Attorneys
You should first prepare a family settlement agreement to control the sale of the house, and to be sure everyone is in agreement. Typically, the money would go to the estate account and then be divided pursuant to the family settlement agreement.
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