Leaving It Behind

I had a recent conversation with my friend Judy about her grandfather's estate. He passed away in his late 90s about 2 years ago. He lived on his farm. He shared the place with one of his sons and his family.

Grandpa had 11 of his 12 children survive him. His will was a simple one leaving fair shares to his surviving children.

The dilemma is the farm. The resident son wants to buy the property and continue to live there and work the land. Nine of the other siblings are fine with the price this son has offered.

It's a sad story so far, isn't it? I asked how large Grandpa's estate was worth thinking that the land might have great value.

The truth is the difference between "fair market value" and the offered price would break down to less than $1,200 difference per child.

This stalemate will likely force the estate to liquidate or sell the farm either at auction or through a realtor. By the time commissions are paid, the realized difference could be less than $100 per child.

Through their pain of loss and their need to be equal, they (the children) may lose much more than $. They may lose each other. So far no one is budging and the estate may stay open for years. That all adds to more feeling of loss and discontent.

The moral of the story, be very specific about how your estate will be passed on. Have a proper will with complete directions and a named Executor so there is little miscommunication. Get help with any questions like taxes and especially if there are dependents that may be misplaced. Consider naming guardians who care for the person, care for you, and have agreed to the responsibilities entailed should you pass.

I hurt for my friend who is hurting for her mother. In her pain, she is the one hold out sibling. Constance is just wanting to do what's right by her father and can not see beyond to the families held in limbo who are also suffering.

'til later