QUESTION
2 siblings want to keep an inherited house and 2 do not - how do we resolve?
Asked on Jun 25th, 2021 on Wills and Probate - Colorado
More details to this question:
We inherited a house and 2 siblings want to keep the house and 2 do not due to high costs to maintain. How do we resolve? Note that we live overseas and will never use it so the idea of spending 100,000 so only 2 of the siblings can use it seems absurd.
2 ANSWERS
It depends somewhat on how the property was bequeathed. If it was directly passed in undivided interests to four beneficiaries you may be stuck with it, absent agreement or a law suit for partition of the property (a court ordered sale). If on the other hand the property is simply in the "residue" of the estate and not specifically passed, then generally it will need to be sold, or alternatively, for the ones opting to keep the property can buy out the others.
Answered on Jun 28th, 2021 at 8:16 AM
It depends somewhat on how the property was bequeathed. If it was directly passed in undivided interests to four beneficiaries you may be stuck with it, absent agreement or a law suit for partition of the property (a court ordered sale). If on the other hand the property is simply in the "residue" of the estate and not specifically passed, then generally it will need to be sold, or alternatively, for the ones opting to keep the property can buy out the others.
Answered on Jun 28th, 2021 at 8:01 AM