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When property is inherited and one beneficiary wants to bid for the other shares which court is petitioned to partition?
You should consult with an attorney who specializes in probate and real estate law.
It may be less costly for the beneficiary who wants to keep the property to buy out the others. The property could be appraised and a fair offer made. A court is not likely to order beneficiaries to sell their interests to one co-beneficiary. That would not be ordered in a partition action.
The legal costs would be less in that type of transaction. If the other owners refuse the offer then the one can petition to have the property partitioned in a court of equity proceeding. Partition statutes allow those who own property in common to obtain a court decree ordering the sale of the property when the other owners don't want to sell.
Generally, petitions are filed in a court of equity such as the probate court. The court will appoint a commissioner to have the property appraised. The commissioner will market it through a real estate agency and sell once an acceptable offer has been made. The costs associated with a sale by partition are high since court costs, legal costs and several professionals must be paid from the proceeds. Once all the costs have been paid the net proceeds are divided equally among the owners.
What else can I help you with?
Does estate money belong to both husband and wife?
An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.An inheritance by either a wife or her husband is not the property of the other. An inheritance is the sole property of the beneficiary who inherited it.
Can a beneficiary to an estate enter into a new lease agreement?
If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.If the beneficiary inherited the property and the estate has been probated then she is the new owner and can execute a new lease agreement.
Can you file a civil suit against your sister to enforce sale of house?
Yes. If you and your sister own or have inherited a common property you can file a petition to partition in a court of equity if you can't agree. You can read more about partition at the related question.Yes. If you and your sister own or have inherited a common property you can file a petition to partition in a court of equity if you can't agree. You can read more about partition at the related question.Yes. If you and your sister own or have inherited a common property you can file a petition to partition in a court of equity if you can't agree. You can read more about partition at the related question.Yes. If you and your sister own or have inherited a common property you can file a petition to partition in a court of equity if you can't agree. You can read more about partition at the related question.
Can a beneficiary rent out estate real property and keep the proceeds to himself at the expense of other beneficiaries?
If that beneficiary inherited the property by himself- yes. If that beneficiary inherited the property along with other beneficiaries- no. Remember that the estate must be probated if it includes real estate in order for legal title to pass to the beneficiaries.
What does legatee?
A legatee is defined as a person who receives goods via a will. Anyone who takes anything pursuant to a will is a legatee. The term is somewhat archaic with a legatee defined as a person who inherited or took personal property as opposed to a devisee, who inherited real property. Both terms were replaced by beneficiary.
Can siblings put a lien on a home that was inherited by a beneficiary deed?
AnswerYou haven't explained the reason for the lien. If the beneficiary owes the siblings any money and refused to pay they can sue in court for the debt and obtain a judgment lien on the property.
Do i need executors permission or probate to sell my share of inherited property?
You have to have the rights in the property before you can sell them. Being a named beneficiary does not give you the right to transfer title, though you could quit claim your rights.
Can a beneficiary of an IRA name a successor beneficiary in the state of Colorado?
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
How does an estranged family member find out if he or she is a beneficiary?
If the decedent owned property then the will must be probated. Once a will is filed for probate it becomes a public record and you can request the file and review the will. However, if you are a named beneficiary or an heir at law, you should receive a notice in the mail that the will has been presented for allowance and someone has petitioned to be appointed the executor.
Does beneficiary have right to enter an inherited home?
The estate must be probated. The duly appointed estate representative has authority over the property. The beneficiary cannot take full possession until any debts of the estate have been paid and the estate has been settled.
If an individual gives property either real or personal to a beneficiary (heir) the beneficiary must pay an inheritance tax.?
Inheritance tax is typically paid by the beneficiary on the value of the inherited property above a certain threshold set by the tax authorities. The tax rate and threshold vary by jurisdiction. It's important to consult with a tax professional or lawyer to understand the specific rules and exemptions that may apply in your situation.
Post probate could court force a split ownership of land?
If several heirs inherited property and one wants to sell that person can petition the court to partition the property and it will be sold. The prodeeds after legal costs will be shared by the owners.
