QUESTION
If an estate is joint owned, what can be done if one side is living there free, and the other wants to rent out the house while lawsuit is settled?
Asked on Nov 09th, 2020 on Wills and Probate - Colorado
More details to this question:
We are suing my husband's cousins for his half of their large estate owned by family - it is a property with a house that is worth about $5000 a mo. in rent, and one of the cousins kids live there free. The lawsuit will take years. We need the money, and are having to pay the bills on the legal battle. What can we do if we want to rent the house out in the meantime?
1 ANSWER
2 Awards
A personal representative (administrator or executor) of an estate has a duty to gather all the assets, pay the estate's bills and distribute the rest according to the Will or, if there is no Will, the state's inheritance laws. This includes a duty to preserve the value of the assets (by not "renting" a home for less than fair market value) and a duty to bring an eviction action in small claims/justice of the peace court and hire the sheriff to enforce it. A personal representative who does not do his duty is personally liable for the decreased value of the estate.
Answered on Nov 10th, 2020 at 5:10 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.