QUESTION
Unable to sell a small lot. Legal acres .00738 The lot is an inheritance. The city or charity will not accept it as a donation.
Asked on Jun 03rd, 2015 on Trusts and Estates - Texas
More details to this question:
What are the repercussions if the estate stops paying the taxes on this small lot. We need to close the estate. I am the executrix of the estate.
1 ANSWER
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In theory, the property passed at the time of death to the legal beneficiaries unless they refused the bequeath. If you would like to provide a self-serving deed in that respect so that you can close the estate, then you may. If you do not pay taxes, then eventually, if you are lucky, the taxing authorities will foreclose on the lot. Otherwise, the debt will continue to accrue.
Answered on Jun 04th, 2015 at 8:15 AM