Suppose you and your siblings are beneficiaries of your parent’s house once they have passed on. You need to decide on how to split it, but disagree on whether to keep or liquidate the property. Well, this is a commonly experienced situation for siblings who jointly inherit a house. Read on and see how one of the seasoned New York City estate litigation attorneys of Zimmet Law Group, P.C., can help you reach the best possible conclusion.
How can I split an inherited house with other beneficiaries?
If you would like to negotiate an arrangement for the inherited house with your siblings, then you can do so through mediation. In this process, an unbiased, third-party mediator will guide you and your siblings toward a common agreement.
Mediation is found to be a more beneficial approach than the judicial process, as it is more time-effective and cost-effective. And most of all, you will likely receive greater proceeds if you sell on the open market than if you are forced to sell through the judicial process.
What if the other beneficiaries and I cannot agree on how to split an inherited house?
Ultimately, if you and your spouse cannot agree on whether to arrange a buyout, rental contract, or sale on the open market via mediation, then you will have to take it to the New York court. If you are the one who wishes to sell the house, then you will have to petition the court for partition.
The New York court will review the circumstances and decide whether to allow the sale of the jointly-owned house to proceed. They will then appoint commissioners to appraise the value of the house and sell it via a judicial auction. Or, they will appoint a trustee to sell the property on the open market. Either way, the commissioners and/or trustees will be paid a fee after the house is sold. In the end, the court is likely to order a sale of the house with the proceeds being distributed to all the beneficiaries by the interest you each held in the property. Notably, this will be the remaining balance after the commissioners and/or trustees are paid their fees.
Filing a petition for partition can create may hurt your relationship with your siblings. To relieve some of this tension, we recommend that you reach out to one of the competent New York City wills, trusts & estates attorneys who will act as your support system throughout the whole process.
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If you require the services of an effective New York City attorney of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, or landlord-tenant law, contact Zimmet Law Group, P.C. today to schedule a consultation.