QUESTION
How could I deny property inheritance?
Asked on Jun 18th, 2015 on Estate Planning - New York
More details to this question:
My mother recently passed away and left me a condo that I do not want. The condo is a slum and would take more to fix it up than it is worth. What do I need to do to clean up the ownership for the future? Who will take it? There is no money in the estate to even pay for the monthly assessment fees.
12 ANSWERS
You could file a document with the probate court stating that you do not want the property. Or, if there is a mortgage you could contact the lender and offer to give it a quit claim deed to the property in exchange for a few thousand dollars.
Answered on Jun 22nd, 2015 at 12:45 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
You do not have to take ownership of it but you should try to sell it contact a realtor.. you may get a few $$.
Answered on Jun 19th, 2015 at 12:01 PM
Edwin K. Niles
If there is a loan against the property you could just let them foreclose. If not, you could let the HOA foreclose for delinquent dues. But are you sure it couldn?t be sold as is?
Answered on Jun 18th, 2015 at 9:36 PM
You can refuse to accept your inheritance of the condo. If your mother's will lists someone else as the recipient of the remainder of the estate, that person would inherit the condo. If none of your mother's heirs are willing to accept the condo, check with an estate attorney in the state in which the condo is located to determine how to dispose of it.
Answered on Jun 18th, 2015 at 9:31 PM
3 Awards
Were you left the property as a joint tenant or pursuant to a Will? These are issues you should address with an attorney. The short answer is probably, but depending upon the facts and circumstances, it may require some legal action. This is opinion is solely based upon the facts presented in the inquiry. Additional facts may be important and may change the analysis. If you are uncertain, seek legal counsel. We are not your attorneys. This answer is being offered to assist you in determining if you need to retain legal counsel to assist you, not to resolve your issue through an email inquiry.
Answered on Jun 18th, 2015 at 9:28 PM
Litigation Attorney serving St. Louis, MO
at
Probate Law Center Richard J. Keyes, PC
Update Your Profile
You can disclaim your inheritance so that you do not get the condo. Please see an attorney for more details.
Answered on Jun 18th, 2015 at 2:06 PM
Taxation Law Attorney serving Glendale, CA
at
Irsfeld, Irsfeld & Younger LLP
Update Your Profile
Has probate administration commenced? If so, file a qualified disclaimer. If no probate has commenced, do not start one.
Answered on Jun 18th, 2015 at 2:01 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
If your mother passed away fewer than 9 months ago, and if you have not done anything about the ownership of the condo (haven't acted in any way as its owner) you could disclaim the gift. If you disclaim, the gift will pass as though you had died before your mother.
Answered on Jun 18th, 2015 at 2:00 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
You can disclaim the gift, then it's someone else's problem. Of course, that someone else is probably your brother or sister. If it's truly worthless, sell it as is for a buck.
Answered on Jun 18th, 2015 at 1:59 PM
If you don't want that property, then you can exercise what is called a disclaimer. Contact an attorney specializing in estate matters for assistance.
Answered on Jun 18th, 2015 at 1:58 PM
Estate Planning Attorney serving New York, NY
at
Kleinberg, Kaplan, Wolff & Cohen, P.C.
Update Your Profile
You can disclaim (refuse to accept) the condo. You may do so within 9 months from your mother's death, if you haven't accepted it or any of the benefits of it. A lawyer can prepare the necessary papers and file them with the court. If you disclaim it, you can't say who gets it. It will pass as if you had died before your mother's death.
Answered on Jun 18th, 2015 at 1:57 PM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
With a timely filing you are able to disclaim an inheritance. The estate would transfer the property to another heir or if none accept the distribution the estate would remain responsible and eventually the property would be foreclosed upon by a lender or the condo association.
Answered on Jun 18th, 2015 at 1:57 PM