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Knaster Inheritance Procedure

Knaster Inheritance Procedure. The Knaster Inheritance Procedure (used for more than two heirs) Note: Heirs must have large amounts of cash at their disposal. Steps to Knaster. Determine fair share. Add up bids and divide by number of people. Circle who bids highest on each item.

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Knaster Inheritance Procedure

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  1. Knaster Inheritance Procedure

  2. The Knaster Inheritance Procedure(used for more than two heirs) Note: Heirs must have large amounts of cash attheir disposal.

  3. Steps to Knaster • Determine fair share. • Add up bids and divide by number of people. • Circle who bids highest on each item. • Subtract their amount from fair share. • People with excessive gains has to give it to the pot(kitty). • Out of kitty you pay the remaining fair shares to others. • What is left is surplus and will be divided equally. • List final division.

  4. Example What do we do if 4 heirs have to divide an estate consisting of, say, a house (as before), a cabin, and a boat? The easiest answer is to handle one estate one object at a time. The heirs submit the following bids:

  5. Example 2 Describe a fair division for three children E, F, G, who inherit equal share of their parents’ Classic car collection and who submit sealed bids (in Dollars) on these five cars as follows:

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