A Jointly Inherited House Can Cause Discord Between Siblings
Most people alive today have only heard the term “white elephant” in the phrase “white elephant sale,” where people buy donated used items to raise money for a charity. You might think, based on this, that a white elephant is something wondrous and rare that comes into your life serendipitously, such as a pair of pink go-go boots that cost five dollars and somehow fit perfectly, and every New Year’s Eve, the only day of the year that you wear them, you brag about how lucky you were to find them at a white elephant sale when you were much younger, poorer, and more adventuresome. Originally, the term white elephant referred to the items from the donors’ perspective, something they were at pains to get rid of. A white elephant was the equivalent of an albatross around one’s neck. Centuries ago in Southeast Asia, albino elephants belonged to the kings, and if a king gave you a white elephant as a gift, it was a great honor, but also a burden; it was forbidden to sell an elephant given to you as a gift from the king, but you were financially responsible for the elephant’s care. Some inherited assets are as burdensome as white elephants, prohibitively expensive to keep but difficult to get rid of. For help thinking through how it will affect your family if they inherit a real estate property from you, contact an Orlando estate planning lawyer.
Two Siblings and a Fixer Upper: A Cautionary Tale
A recent article on MSN tells of the predicament of a brother and sister who inherited an old house from their parents. Pursuant to the parents’ will, the siblings are tenants in common, meaning that they own the house jointly. The house needs extensive repairs; the heirs cannot rent it out in its current condition, and the property taxes are costly. It is also encumbered by a mortgage, for which the heirs are now responsible.
The sister wants out of ownership of the inherited house. Her brother refuses to sell the house or to buy the sister’s share. Quinn Mercer of MSN advised the sister that she is stuck unless she can convince her brother to refinance the mortgage and buy out her share. The siblings can also take the matter to court, and the court can order the sale of the house. The parents could have prevented this problem by thinking more carefully about how the house would affect the siblings. They could have left it to the brother while leaving other assets to the sister, or they could have ordered the probate court to sell it so that the siblings could divide the proceeds.
Contact Gierach and Gierach About Passing Real Estate Properties to the Next Generation
An estate planning lawyer can help you decide whether to leave real estate property to your descendants and write your will in a way that prevents conflict over real estate properties. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
msn.com/en-us/money/realestate/i-inherited-my-parents-house-with-my-brother-but-he-refuses-to-sell-the-house-or-buy-me-out-for-my-half-the-home-needs-major-repairs-what-now/ar-AA1KWeqa?ocid=msedgntp&pc=ACTS&cvid=68a7247af79e46dfaa85fe2276a604c0&ei=9
