If you have inherited real estate alongside other family members or siblings, the next steps can sometimes be challenging. In this case, many siblings might just choose to sell the property, or split rental proceeds from the property. Sometimes one sibling might “buy out” the others’ share in the property to have sole ownership. All these solutions are valid options—if all the other inheritors or siblings agree. When co-owners of the property disagree about what they want to do with inherited property, this is when problems can arise.
If the people who inherit a property cannot agree about what to do with inherited property, Florida law permits beneficiaries of the estate to force a sale on the real estate, through what is known as a “partition action.”
Partition Actions in Palm Beach, Florida
A partition action is often initiated when inheritors of a property cannot agree with what to do with the inherited property. If every person has a different idea about what should happen to a piece of real estate, than any beneficiary to the estate can end the dispute by calling for a partition action. Technically, a partition action can result in the real estate being divided into portions or parcels with each beneficiary named owner of the parcel. This type of partition action might be possible if the real estate in question is a piece of land without any developments. In most cases, a partition action will call for the sale of a property, because a home cannot be so easily divided into parcels.
Are There Situations Where You Don’t Want a Partition Action to Occur?
There are situations where calling for a partition action may not be beneficial. If the real estate market is down, inheritors of a property may not receive the best offer for a sale. Unfortunately, if one sibling wants a partition action to occur, there isn’t much the other siblings or inheritors of a home can do about it. The best way to avoid a partition action from occurring if you don’t want it to take place is to sit down at the negotiating table with your siblings or with others who are inheriting the property. The Palm Beach, Florida will law firm at Moran & Associates works closely with individuals who find themselves in complex will and probate situations. If you and your siblings can’t figure out what to do with your co-inherited home, an estate planning lawyer in Palm Beach, Florida at Moran & Associates may be able to help.
If you are in the process of writing a will or estate planning and anticipate that your children might have trouble dividing or managing the family home together, you may be able to put the family home in a trust or specifically provide instructions for how you want the family home taken care of after you pass away. Having a sound estate plan in Palm Beach, Florida can help prevent potential conflicts and preserve your legacy for generations to come.
Firm Contact Info:
Moran & Associates
231 Royal Palm Way
Palm Beach, FL
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