Family inheritance conflict

fingers5

Hi all

I was wondering of any one has any experience or advice into my issue please?

My father passed away recently leaving behind a portfolio of business and property and now my siblings and I are involved in a big dispute about it.

My father left a will which leaves equal shares to all of us. But my younger sister thinks she should have the right to distribute it as she decides, as she thinks she knows what's best for all of us, and has been working in the business, where as the rest of us have our own careers.

I am trying to find a way to settle it fairly but she is making it very difficult, as she is an extremely volatile person and upsets everyone all the time.

The business and properties all have inter company loans which supposedly make it nigh on impossible to split them and divvy them out. So my sister wants to give us cash/buy our shares out, which we agreed to but its been a long time and nothing has happened.

I cant sleep with stress for the damage its doing to our family and I just want it fairly settled.

Im getting advice in the real world but I wanted to ask if any of you brilliant people had had similar experiences, and how did you deal with it?

Thanks

elsien

Who is the executor of the will?

Sea_Shell

How many of you are there?

I'm guessing at least 3. You, your "younger" sister and an older one?

Marcon

fingers5 wrote: »

The business and properties all have inter company loans which supposedly make it nigh on impossible to split them and divvy them out. So my sister wants to give us cash/buy our shares out, which we agreed to but its been a long time and nothing has happened.

Rubbish. She's making it up as she goes along.

Time you and your other sibling(s) sat her down and agreed a way forward. She may be volatile and difficult, but a concerted front goes a long way when facing such a character.

-taff

If she is the executor of the will she has to follow its instructions. If she doesn't , she can be removed.
Point that out to her
https://info.legalzoom.com/happens-executor-doesnt-carry-out-asks-for-27203.html

Malthusian

Whether your sister is executor or not you have three options:

1) Have your sister buy you out - does she have the money or can she get the funding to pay all of you a price you will accept?

You say your father left a business and property - could you vary the Will so that your sister inherited the business and the other beneficiaries inherit property or other assets?

2) Sell the whole business to a third party - you may get less than option 1), but if it isn't possible you may have to consider 2).

3) Don't sell the business and take shares in it as your inheritance. You may never see a penny if your sister runs it into the ground.

You will need professional advice from both a solicitor and a corporate finance professional.

mobileron

Tell her to enjoy her prison time,if she dont do it the correct way.
Solicitor letter will do the trick.

nom_de_plume

fingers5 wrote: »

Hi all

So my sister wants to give us cash/buy our shares out, which we agreed to but its been a long time and nothing has happened.

Can you tell us how long this has actually been going on?


Does your sister wish to keep the business(es) up and running which, on the face of it, would make sense given that "... my younger sister .....has been working in the business"? You and your other sibling(s) have your own careers but this presumably is your sister's sole source of income. If she needs to raise finances, etc. it will not necessarily be straight forward.

Malthusian

mobileron wrote: »

Tell her to enjoy her prison time,if she dont do it the correct way.
Solicitor letter will do the trick.

Making baseless threats is a daft idea.

Breaching the duties of an executor is not a criminal offence. The "punishment" is to be removed as executor and to be personally liable for any loss to the beneficiaries that arises from the breach.