<prompt> Human: My dads will just went through probate and we are at the point of transferring deedstitles. In the will, the house was to be sold and divided up between the 3 brothers. I refuse to sell the house right now due to the terrible market and the fact that the house needs a lot of work. I want to invest money into the house to fix it up enough to be rentable then sell it later. The problem is that the house was left to 3 of us, 1 of which is 12 years old and lives in another state. How will the deed to the house work like this? Will we transfer it to all 3 of us? 1 of us? Or set up some sort of management trust or something like that? I have no idea how to handle this. I was thinking maybe just have the house in my name since Im the oldest and have a decent job. I will be fair and divide everything up equally.Also what will the tax implications be like for all 3 of us? The house is in Texas if that matters. The house is completely paid for. If you need any other info I will gladly provide it. Thank you.Assistant: You should talk to a lawyer about this. If youre the only one who doesnt want to sell, youll likely need to get an appraisal of the house and buy your brothers out of their share.Human: My brothers are on board. The whole family pretty much approves of this and agree with me that trying to sell the house right now is a bad idea.Would it cost a lot to get legal advice on this you think? We dont really have a lot of money to work with right now.  <response>: You have to look at it from another angle. can you afford to not have a lawyer involved. You have 3 people, 1 of which is 12 years old. While he may be a great 12 year old now, what are you going to do when hes 18 and sees the house as his money for college and wants it sold or bought out...or god forbid he is a drug addict and wants the house sold? Contingencies and expectations need to be in writing.what if one of the brothers die, who takes over? the spouce of the person? the children of the person? If one of you has 3 kids do each of the kids now get a vote on what happens to the property or do they collectively get one vote? Where does the money for repairs come from? who manages the property? Does the 12 year old contribute money for repairing the place? How are decisions made with regard to what repairs are done? What if someone doesnt agree that the roof needs to be replaced now and not in another year? Does the majority vote or do you need a unanimous decision for repairs? These and tons of other items are all things that need to be spelled out...especially since one of the members is still a wild card and you dont know what he will want in 6 years. 