Reference no: EM131397822
HEIRS TO AN ESTATE
Recently you and your brother and sister inherited the estate of an aunt who lived in Chicago. All three of you loved your aunt, but even though you all lived in the same city, you had not kept in contact in recent years due to career and family obligations. Your aunt's last will and testament requires that the three of you divide her assets any way that you can agree upon within 30 days of her death. However, if you fail to provide her attorney with a written agreement within the 30 days, all of her assets will be given to charity. The estate consists of the following: (1) about $320,000 in cash and Certificates of Deposit; (2) a 2004 Lincoln Town Car; (3) two houses, valued at $360,000 and $525,000; (4) all of the furnishings of both houses; (5) an art collection valued at $250,000; (6) season tickets to the Chicago Cubs (behind the home dugout); and (7) a large box containing family photos and slides. The three of you are meeting in six days to negotiate a settlement. In preparation, ask yourself the following skills questions:
Skill 2.1: Recognize that before next week's meeting, preparation is critical to success, and usually includes identifying all tangible and intangible issues that will be of interest to either party, and then prioritizing those issues, making sure to include some throwaway issues. What prepara¬tions do you need to make before the meeting?
Skill 2.2: Should you propose that the three of you begin negotiation by adopt¬ing ground rules that address the "5 W" questions; Who, What, Where, When, and How? Also, carefully consider the "who"-will spouses and children be included, and the "where" or the setting-where should you meet?
Skill 2.3: The initial offer in negotiation could affect the tone and outcome. What will be your initial offer?
Skill 2.4: Anticipate some posturing by your brother and sister. While the three of you get along fairly well, this estate represents a great deal of money for each family. What posturing might you encounter?
Skill 2.5: Decide whether you are primarily negotiating a single-issue or a multi¬ple-issue situation, and choose an appropriate strategy. Should you consider a third-party intervention?
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