The Out of State Estate : Lisa, Jerome, and Michael are heirs to their parents\'

Question

  The Out of State Estate: Lisa, Jerome, and Michael are heirs to their parents' estate in New York. The lawyer has informed them that the estate consists of a house, a collectors' motorcycle, a Rolls Royce, a Denver Broncos' season ticket, and $7,000 in cash. They are told to submit the bids by mail within 7 days. The lawyer has listed their submitted bids as shown below. Use the method of seal bids to divide the estate among the heirs.

House

Motorcycle

Rolls Royce

Ticket

Lisa

$40,000

$5,000

$35,000

$150

Jerome

$38,000

$5,500

$27,000

$225

Michael

$42,000

$4,300

$26,500

$300

For each heir, state their fair share, the items received, the amount of cash and the final settlement

Suppose Jerome was out of town and didn't get his bid submitted on time, how could you resolve this in a way that is fair to everyone

Choose one of the assumptions about fair division and describe the trouble that might be caused in the above estate division if the assumption was violated.

House

Motorcycle

Rolls Royce

Ticket

Lisa

$40,000

$5,000

$35,000

$150

Jerome

$38,000

$5,500

$27,000

$225

Michael

$42,000

$4,300

$26,500

$300

Explanation / Answer

suppose the jerome is not in the town and didn't get the bid then their is one possibility that is to bid the amount by his PA

Otherwise we divide the jerome share to remaing two peoples for the proper ratio that they bid for thus shares

for example the house is lisa and michal are bid the houses for the $40,000 and $42,000 respectively

then that can divide into ratio 20:21

then divide the house bid of the jerome is divide in the 20:21 ratio

in th simiolar way we divide all the remaing property

in this way we divide in the fair division not to give the 50-50 share

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