I was listed in a family will. Inheritance divided by three.How do we keep everyones part equal.?

Question

I am not executor of the will, but the will is suppose to be split 3 ways. How do I find out if we are getting equal parts...Are there some kind of papers that we are allowed to see, such as bank statements and such. I actually haven't seen the will, but my sister is the executor.

Answer 1

You should ask to receive a copy of the will after it is probated. It is your right under the law of most states.  Ask the executor for a copy.

You should also ask to receive a copy of the estate's inventory. The inventory should include all assets as of date of death, including bank accounts, shares of stock, items of property as appraised, etc.  You will also want to know information such as the amount of the funeral bill, the expenses of last illness, debts owed as of date of death, and the expenses of administration.

A lot really depends on whether the three beneficiaries are to receive items "in kind" or whether all assets are to be sold and beneficiaries are paid in cash. If there are certain family "heirlooms" that people are interested in receiving, it may be necessary to have them appraised and then draw lots to receive them.  Items like cash and shares of stock are easily divided into 3 parts.  Where certain people are to receive particular items of property, you need to make sure that after the items are identified and distributed that cash be used to equalize matters so that everybody is treated equally.

You have the right to have an accounting of the executor's administration of the estate.  Courts of any state can order an executor to file an accounting.  However, most estates are settled informally with agreement of all heirs and possibly all heirs signing "receipts and releases" for what they receive.

If your sister is executor, I hope she has the assistance of an attorney in the administration of the estate.  Good attorneys strive to have an efficient administration of the estate and can act as a mediator to settle disputes between the executor and the beneficiaries.

Answer 2

You must be given a complete copy of the will by the executor. You then can work out a 3 way split with the other 2 beneficiaries. If you feel you may not get a fair deal, you must hire an attorney to negotiate your distribution of assets

Answer 3

sell everything and divide the $

or

Have a monopoly money auction and sell it to each other

or

draw straws and pick item you want

Answer 4

I am executrix of my mothers will - inheritance to be divided 3 ways.

Mom has Alzehimers and is near 90.

The way I understand it, after all the "final costs" are taken care of, I am to divide the remainder equally between my 2 brothers and myself.  

The cash part will be easy. On the house, car, household goods decisions will have to be made.

I intend to do this fairly and equally in regard to my mother's wishes (I am also her POA) and keep open records of all tranactions. I assume if they are unhappy with their 'share' they can sue me. I like to believe an element of trust will be present, but that may be naive where sums of money are concerned.

Google "will executor divides money" for a plethora of articles concerning this.

Answer 5

From a lawyer.  Send a letter to your sister asking her to provide you with all documents, accountings, etc.  Go down to the court and review the file and see what's there.  Write a letter to the court and advise them of your address and that you are an heir.  If you don't trust your sister, hire a lawyer to look after your interest because there are lots of things he can do to protect you.  Better to be safe than sorry, depending on how much is at stake.