QUESTION

Property maintenance responsibility

Asked on Aug 05th, 2017 on Residential Real Estate - New York
More details to this question:
I own property and share title with another person. He has since moved away due to dimentia. His family has put his share into an irrevocable trust. My question is, if a person leaves the residence, does he no longer have any responsibility for upkeep, insurance, etc, etc. This is farm property and there is a lot of expense.
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2 ANSWERS

Estate Planning Attorney serving New York, NY
1 Award
Unless there is an agreement specifying who pays what, both parties have the obligation to pay the whole.  Only a court can adjudicate a division.  Holding joint title to an income producing property without an agreement is a guaranteed problem.
Answered on Aug 09th, 2017 at 6:16 AM

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Civil Rights Law Attorney serving Rockville Centre, NY
1 Award
Your co-owner certainly does have a responsibility for half of the upkeep of the property, regardless of whether he resides there. You have many options. Assuming his share is not his only asset in his irrevocable trust, his trustees may be able to pay his bills- so send the trustees a bill for his share of expenses.  If renting out a portion of the property is possible, that is another option; while you'd normally have to share any rental income, if there's no contribution to expenses you'd be entitled to an amount equal to the co-owner's share of unpaid expenses.  Your best option is to buy him out, if possible, as this will end the entanglement. As a last resort, you could sell the property and split the proceeds and as a very, very last resort, if the trustees refused to sell, buy you out or be bought out, you'd be entitled to a judicial partition of the property if you went to court. 
Answered on Aug 08th, 2017 at 8:51 PM

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