A will is a legally binding document, and everyone involved must abide by the instructions. The will owner has the right to exclude their kin if they deem it necessary. For minor items, parents usually resort to gifts during their lifetime or tagging items against the sibling they want as the succeeding owner. However, in the case of property division, a will or letter of instruction ensures siblings receive only their allocated part.
Situation: Our father had left the inherited house to four children. After all these years, my elder brother is not willing to give me my share of the property. What should I do?
The legal action about the parent’s asset division is prolonged and expensive. Ensure your father has a will or a resolution exists that defines the asset division among your siblings.
What are your options in case of a parent’s asset division?
Given the situation that your elder brother is hoarding the inherited property against legal binding, you can resort to state mechanisms.
Consult a mediator specializing in family law and business.
Professionals can help you, and your siblings arrive at a consensus. It is a viable first option to avoid escalation of conflict and resolve the matter amicably.
If a middle ground is not possible, you can agree to liquidate the assets in return for a cash amount. Each sibling receives a part of the proceedings ,depending on their share of the estate.
If the family cannot resolve internal family matters, an independent fiduciary may assist you.
They undertake the decision making power on asset distributions, deferring the role of an executor or trustee away from the siblings.
However, all the shareholders must agree to appoint a third-party fiduciary.
It can be another person in the family, an attorney, or from the bank’s trust department. Their services are usually chargeable unless agreed upon otherwise.
The division of assets becomes sketchy in the absence of a legally binding document or tags.
In case the asset inheritance is not clear following your father’s death, you can agree with your siblings to take turns or use a lottery system.
By taking pre-estimated turns on a specific asset, none of the siblings can hoard it for a prolonged duration. Everyone receives their turn to claim it.
The lottery system involves taking a chance on an asset by drawing a paper slip from a container. However, it is not a legal remedy.
Approach a lawyer or a consultant
Given the complicated circumstances arising in your case, approach a lawyer or a consultant to guide you through the process. If you are eligible to inherit your father’s property, legal mechanisms are in place to support your claim.
Following a path of mediation can also save you and your elder brother the emotional constraints that can arise from the legal proceedings.
Find out more about property inheritance and legal disputes by filling up the form on our website and getting in touch with expert advisors and counselors.