Dad and Mom always treated me and my brother equally. I am one year older. We are co-POAs, and it is stipulated we must agree on everything. Unfortunately, we don't agree on practically anything! Politics is a screaming match. We have totally opposite views. (although that doesn't have much to do with Mom.) She will be 95 in July. She still lives in the house where we grew up. She is a hoarder of things...not garbage, very organized, lots of stuff in marked boxes, etc. When the time comes, I want to have an Estate Sale professionally handled, then sell the house. He wants to try to sell off the collections of stuff, then put a couple hundred thousand into the renovation of the house, then try to sell afterward. I don't think we would get much out of the time and money invested, and the area has had several buyers in the area come in and just raze the houses and rebuild their own house creations on the land. I hate to consider this, but I have an awful feeling I may end up with an attorney..... Anyone's thoughts???
Also, I took at least 200 baskets to a local florist.
We took all elder supplies to the town's Council on Aging.
POA ends at the death of the person who inacted it. Ru and brother co-executors. If so, bad decision. Me personally I would have an antique dealer come in to look at what Mom has. After that, have an estate buyer come in and give you a price on the better stuff. What is left have a yardsale or give to charities. The house...I wouldn't put a lot of money into it. A realtor will tell you what you need to do to sell. But like said, buyers will come in and do there own thing. Sometimes you don't get the money you put into it back.
When we got mom & dad's house ready for sale it was 12 months of cleaning, sorting etc before sale went through - it changed hands 2 days before the insurance company's deadline where they were going to stop insuring an empty house - we paid a high premium for that year as it was 'uninhabited' - has bro realized that?
Gone are the days when one gets married and furnish a home in "early attic". My parents when they wed 70+ years ago, found enough old furniture to finished their rental, and they kept that beautiful furniture for all those 70 some years. Oh, how I wished I had room for some of the items, but I am starting to downsize for the future.
People don't even want books today. I donated some books last year to a small town that had it's library flooded, and where the people were still using actual books. That made me smile :)
Even fine jewelry isn't of interest. I will open up my Mom's jewelry box and find nothing of real interest to wear.... [sigh].
Edited for errors
Another suggestion: put the house and contents in a family trust while Mom still can do it (get good legal advice, not a weekend "trust seminar"). My husband and I had several business and investment properties, as well as the house and a property that I had inherited from my dad. The trust made it very easy to deal with it all, no probates, no hassles with my kids, no questions about what goes where.
Using an estate sale agency will make it easier for you, but don't expect a huge return. Using family to do it, wow, depends on the family dynamic. My FIL's estate was cleared out easily only because his daughter took everything of value and walked away. Hubby was the executor and he and I did all the rest. The condo he owned was a mess, so I did the remodeling by myself and didn't charge the estate. In this case, it did net the family about $20K more than it would have, sold "as is". I honestly don't think I'd do that again--but this was 13 years ago and I had a ton more energy then.
Sadly, what is "priceless" to our elders may well be just considered "garbage" by most other people. Mother is a hoarder, and I know already that other than her antique bedroom suite, the rest of her stuff is worthless, literally.
Luckily, Mother has a trust and it's well maintained so I expect no surprises. All of us sibs are on one page about the "after she goes" thing, (the only thing we agree on!)
Whatever you choose, go into it knowing you will still be working hard and it's frustrating at times. Nobody but you can decide how best to handle the situation.
I can't imagine what you could spend $200,000 on to fix up a house and even recoup that, much less make a profit. I
I suggest that you each get a real estate professional of your choosing to give you a CMA--Comparative Market Analysis. They will do this for free. Ask them whether any fixing-up or improvements would be profitable or make the place more saleable.
Then, if Bro still wants to do that and you don't, tell him you'll sell your half to him for its current value and give him the opportunity to make twice the profit. Win/win! If he whines that he doesn't have the $, he should be able to get a mortgage to do it, since he would only need to borrow half the current value plus the $100,000 he is asking you to put up for the improvements.
My personal choice would be turn it all into money and run. If he wants to hang around in sentimentality, fine--give him his choice. No animosity, both in agreement.
I don't envy you. I am speaking from very récent expérience. My situation was similar...my brother and I were provided for in the will. The intent was to share everything 50/50 but with the understanding that things that pertain to men (stuff in the garage, tools,) would go to him and things that pertain to women (dishes, housewares, jewelry) would go to me. My mother became quite ill and ended up in nursing care. My brother and his family visited from time to time but definitely not on a weekly basis. When it came time to sell the house I had to hire outside help. First I carefully went through the house looking for important papers, documents, légal records, etc. I invited the family to come and choose anything they wanted in the house. My brother never showed up at all. Three grandchildren showed up briefly and looked around as though they were about to be infected by a strange virus. One came with the request from the "dreaded daughter in-law" who wanted some of the imported china. On the advice of my parents' attorney I hired an estate sales company to hold a sale. They did an enormous amount of work. They hauled things out of the garage and the basement. They organized furnishings in the sale. Our "deal was 50% to them, 50% to my mother. They did not keep an itemized record of what they sold, but they did clear a lot of stuff out. Were they 100% honest? I don't know.....But, what I do know is I could not have run the sale myself, my family was not going to bother to do the work in a respectful way, and people did have an opportunity to buy stuff that my family would simply have put in the alley for the garbage man. After the sale, there was a lot left. I cleaned the remaining stuff, boxed it up, and took it to Goodwill and the Salvation Army. I kept the furniture that I needed to "stage" the kitchen, living room, and dining room for the sale of the home. I hired a very good realtor who gave me excellent advice about what to do to présent the house well. I hired a junk hauler that took away all of the stuff in the basement, garage, and house that did not sell in the estate sale. The outcome was very good. The house sold for a good price. I had the money needed to pay for my mother's nursing home care. I kept the things that were important to me for sentimental reasons and I had a chance to go through all of the other things and to say goodbye to them. All of this happened about two years ago. I am calm about things now. Although there are days when I think about how much work it was, how sad it was for me, and how painful it was to not have any help from anyone. My parents have both passed. There was a good amount of money left. My sibling has not been at all embarrassed about asking for his share........He never even thanked me for handling things........My advice to you is to hope for the best, and to hire the help that you need to resolve your mother's estate when the time comes. I will always appreciate our attorney and realtor who gently guide me with everything that had to be done. I'm happy that this is behind me now because I know that I treated my parents' home with gréât care and respect. It took me an entire summer to take care of the clean out, the staging, and the sale. It was tiring, sad, and painful but I got through it, I think in a dignified way. And now that it's behind me, I don't have any regrets. I did the best I could under the circumstances. I wish you well.
I had to box and load all of my late Mom's huge collection of Forstoria glassware for donation, to which I added my own identical collection because I wasn't using it, anyway.
Later I had Salvation Army come and collect furniture, but if the stairs going upstairs were U shape, they weren't allowed to take any furniture from the second floor. Then I had a hauling group come and take more items, to which any item that looked good they would donate and I would get the donation list. Then I had another hauling group come and totally empty out the house. It took me 3 months to get everything done because I only had evenings and weekends, plus I was an only child with no children.
**** As for updating the house, save your time and your money. In today's do-it-yourself world, there are many Buyers out there ready to jump upon a fixer-upper. I first got a licensed professional Appraiser look at the house and get a value for me. Then I listed the house "as is" and priced it a bit higher, and down swooped a fixer-upper Buyer who gave me a good price, and my Dad was happy with the Contract. It went so smooth.
Remember, the estate will need to go into Probate unless the parent has everything solid into a Revocable Trust or Irrevocable Trust. Probate can take a lot of time. My Dad had everything simple, and his Probate has been six months now, and probably six months more after that. I would have hated to have the house sit vacant for that long before I would inherit. Thank goodness Dad's house sold a few months before he passed, and the equity was used for his care.
Come income tax time, Dad had quite a list of donations to use against his income :)
If your mother is still competent to make decisions, ask her to change the "co" part of the POA, etc. She can choose either of you and it might be awkward for the person not chosen, BUT the end result is well worth it. My parents chose me over my three brothers and supplied me with the legal papers to make that stick. That ability to make the decisions, many of which are wrenching, is tough enough without having you and your brother waste time trying to get both on the same page. Being in charge, fair and courteous will expedite the whole process and very likely salvage the relationship with your brother and other members of the family.
Do not forget that in most cases other members of the family will surface wanting to get something from the estate, despite terms of the Will. That will make having a situation in which the two you have to agree will become a nightmare for both of you. (Count on the prospect of $ bringing out the vultures whether related or not,) By the way, when I decided to have an estate sale, I stationed a family member or close friend in each room to prevent stealing. Also gave them bargaining power with the prospective buyer. I divided the proceeds among them, which enhanced their enthusiasm to get the best price,
I STRONGLY recommend you, together with your brother if he will, consult an attorney who specializes in elder law. You will bless the day you obtained that help in understanding the legal aspects of her care and what happens when the decisions arise that must be made when she needs care outside the home and when she dies.
In the end, whichever of you she chooses will give thanks that only one of you has the responsibility to make the decisions, In spite of some rocky patches. my brothers and I still care deeply about each other.)
What ever happens take care of yourself. There is no shame in that. You will be of no help to anyone if you are physically or emotionally wrecked.
The estate sale folks took 35% off the top, which we both thought was high. There's no way we could have gotten "our price" for the stuff sold. But neither of us wanted it, and neither of us paid for the stuff in the house anyway. We did pick out the items we knew would have some value and sold those separately, then let the estate sales people get rid of the rest.
I think what swung our decision was that the estate sales people would clean the place up after the sale. So for that 35% we got some bonus money and a cleaning service. To us, it was worth it.
Regarding jewelry - yes be careful. We had a little bit of old gold jewelry - not great - some with missing stones, a hatpin...nobody knew whose it was so not sentimental. It appraised at a good value and I decided to sell it rather than take a chance at the auction. One of the few things we did sell separately. But when I went to sell it, all happy thinking of the money I would get, the same jeweler would only give a shockingly small fraction. I had asked him before, is that what you would give us? and he said yes but it turned out not to be true. His explanation was that the appraisal value was the value to insure it. I was very disappointed. I sold it anyway as not much choice of jewelers in the area and at that point I wasn't optimistic. Only one ring was perfect and I thought that would be a problem with 5 beneficiaries. Probably I got taken on that one.
Gems can be reset - so they are valuable too - I found a jeweler who charged by the hour & we did 2 sessions of 1 1/2 hours [over 70 pieces] - he gave me verbal quick appraisals of everything just to have a ballpark idea of value so I could balance where it was consigned to different parts of family - I didn't want to give too much to one side & not enough to the other out of ignorance - FYI I assigned a number for each item & took a pix so that I could catalogue it all
1 $3000 ring my sister took in to another jeweler who said it was costume because no flaws in the clear stones so must be cubic zerconia so she asked for another opnion from a gemologist who said they were flawless diamonds & the garnet was a rare large unflawed one not synthetic - gemologist said the original jeweler was bang on with his valuations [which was nice to hear]