property has been sold how to determine each heirs share?
there are 5 heirs.
There are 5 shares: 1 whole share, 2 half shares and 2 1/3 shares. How to calculate the shares?
No one really gets this. There is no will. There are 11 heirs and only 5 shares; one heir gets a whole share, 2 shares go to two sets of heirs to be divide by two, and the last 2 shares go to 2 sets of heirs to be divided by 3. So, how do you calculate how much each heir receives. There is a formula but I can't find it.
- G RLv 71 month ago
You really give more details, ok any details, as to what your situation is. an "heir" would be determined by the persons Will or Trust as that would designate who is entitled to what and how much. If they didn't leave a Will/Trust then the courts decide who gets what and how much.
- SlumlordLv 71 month ago
Each of the 5 shares is 20% of the whole (whole is 100%, so 1/5th of 100% means each share is 20%).
The heir that gets a whole share gets 20%. The 4 heirs that get half shares, get 1/2 of 20% or 10% each. The 6 heirs that get 1/3rd shares, get 1/3rd of 20%, or 6.66% each.
- babyboomer1001Lv 71 month ago
5 or 11 heirs. If 5, the shares are not all accounted for. 1 + 1/2 + 1/2 + 1/3 + 1/3 = 2 + 2/3 shares. 5 - 2 2/3 leaves a balance. If 11 heirs, 1 (for himself) + 2 (goes to two sets, div by 2) --- 4 div by 2 = 2 so 1 set (1 couple gets 1 & the other couple gets 1) + 2 (= 5) but why would 2 shares go to two couples, only to be divided by 3? It doesn't make sense. If only 3 of the 4 are to be receiving a share or part of a share, then why was it given to the four to begin with? NONSENSICAL.Source(s): Certified Paralegal, with 25+ years' experience & with Wills & Estates law experience.
- SlickterpLv 71 month ago
The will states it, or it's an even split in the absence of specific language.
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- SimplytheFACTSLv 71 month ago
YOU ARE THE ONE THAT DOESN'T GET IT...YOUR BREAK DOWN IS NONSENSE....WE ARE NOT PSYCHIC....YOU DID NOT GIVE APPROPRIATE DETAILS> YOU SAY 5 HEIRS, Than 11.>>>>HOW ARE YOU DETERMINING SHARES?????? what country is this...why are they not getting equal shares? are some distant relatives who legally get less than close relatives?
what does the will say? if all are equal than 100% of the profit divided by 5. For example, it sold for $100,000. 100,000 divided by 5 = 20,000 each
the share division does not make sense, you need a lawyer to interpret....and not depend on Yahoo Answers to figure out a legal issue.
if 1 person has 1 whole share...they get 100%...so it doesn't make sense...there would be nothing left for the others.
total shares equal 2.66.....maybe try posting this in the math section.
- Anonymous1 month ago
What does the will state about the division of the assets ?
- Coffee DrinkerLv 71 month ago
Look at the closing statement from the escrow company.
find the amount of the net proceeds - this is the amount that should be deposited into the estate's bank accounts after the escrow company pays off the mortgage, pays real estate fees, and pays everything else the seller owes as part of the transaction.
Divide that number by 5
Or multiply that number by 0.2
- RobertLv 71 month ago
I'm guessing with modern mathematics using division.
- 1 month ago
Divide evenly between each of the heirs.