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What Happens When Siblings Inherit a House in New York?

siblings inherit house new york

In the wake of your parent’s death, you may have to deal with the dispersal of their estate between you and your siblings. Complicated as it is, it becomes even more so if the siblings do not agree on what should happen next with the house. You will most likely have to involve the courts if you and the other heir(s) can’t agree. For more information on what happens when siblings inherit a house in New York, please read on, then contact an experienced Rockland County probate attorney.

Can anyone live on the property when two or more siblings inherit a house together in New York?

Unless the will states otherwise, you and your siblings each have equal say when you inherit a house together. For one sibling to reside in the home, the others would have to consent. While impractical, all siblings may live in the home together. That said, if only one person will live in the home, all siblings will have to decide how they want to handle the situation. Thankfully, you have several viable options.

What options do heirs have?

You will need to know if the house has a mortgage attached to it before you make any decisions. If it does, you and your siblings will probably have to pay off the mortgage or assume it and continue to make payments on the property. In the event that you inherit a home with no mortgage, you have greater flexibility. Also, your options will depend on whether or not you and your siblings can reach a consensus. That said, your options include:

  • A buyout: One sibling can buy the inheritance of the others if he or she wants to keep the house and the others want to sell. After determining the value of the property and agreeing on its worth, one sibling will pay the others for their share and become the sole owner.
  • A private arrangement to share: If you all have nostalgic reasons for keeping the property, you can put all your names on the deed and decide how to split the use and upkeep of the property.
  • Selling and splitting the profits: If none of you are attached to the house, you can hire a real estate agent, put the house on the market and divide the profits.
  • Renting the property: If you do not want to sell the property, but would like additional income every month, you and your siblings could rent it out to tenants. Just make sure you agree on responsibilities.
  • Filing a suit for partition: If you and your siblings can’t come to an agreement, you can file a lawsuit and have a judge order the sale of the home.

To implement any of these arrangements, you should speak with a skilled Rockland County wills, trusts and estates attorney today.

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If you require an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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