by PatrickJ  03/11/2012  960 Page Views
6 Comments  Wills, probate, letters of administration, powers of attorney
Hi. I hope someone can help.
I have read through the forum first before asking, but was unable to find a similar scenerio.

My father recently passed away leaving a will.
In the will it states that his assets are to be divided equally between his two sons (of which I am one).
I am the sole executor. Probate is necessary.
His main assets include a family home with no debt and cash and pension fund (not an insignificant amount).

I want to buy out my brother of his half share of the house, to which he has agreed.

Is the following possible.

The cash and possessions would be divided equally leaving just the house.

My brother and I have come to an agreement that for the half I'd owe him, I pay a smallish lump sum now (say 30K), transfer the title from my fathers to my name at this point, and regular monthly payments over time to him (or say 20k or 30k lump sum every 12 months), with the expectation of a final lump sum in 3 or 4 years.

Is this possible and am I allowed to do this?
(Please note, everything is out in the open and above board)

I think once the estate has been distributed, I will need to lodge the accounts with the Supreme Court (correct?).
I'm wondering how this would be shown as it may show cash and possessions as 50/50 and the house as 100% me, even though I have an arrangement to pay 50% of it over time to my brother.

I am in Vic.