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This Old House - Do-it-Yourself

What Happens When You Inherit a Long Island NY House With a Sibling

Written by Posted On Wednesday, 14 February 2018 03:11

Many parents choose to will their property equally to all their children.

But what happens when most, if not all, of an estate’s assets are real property, most commonly the family home? How do you divide that equally?

 

Having a joint property can be difficult and can cause tension between family members, even between close siblings.

 

If you and your sibling have inherited your parents’ home, you have a number of options, but most depend on reaching an agreement between the both of you regarding what to do with the property. You and your sibling may have very different ideas about what should happen to the family home.

 

The best way to divide the asset is to sell the home and split up the proceeds.

 

However, selling your deceased parents’ home typically includes special logistical, practical, and emotional challenges. Enlisting the help of a professional, like me,  will help ensure the best outcome for everyone involved.

 

Going through probate

Before you can sell your parents’ home, the estate must go through probate. Probate is the court supervised process of distributing the assets of the estate to the heirs or beneficiaries.  

 

Once the estate goes through probate, the court gives the executor of the will the authority to distribute the estate’s assets and settle the estate’s debts. If you’re the executor and you have a sibling who shares in the inheritance of the property, you’ll need the permission of your sibling and the court to sell.

 

After getting the grant of probate, the next step is to get a current appraisal on the property. It is important that both of you choose an appraiser together so that there is no dispute about the results of the appraisal.

 

Knowing the current value of the home will help ease negotiations. When you know what the home is worth, you can keep decisions logical and less driven by emotions.

 

Discussing a Buyout

Problems usually occur when one sibling wants to sell and the other wants to keep the property.

 

If your sibling lives in the home, he or she may feel hesitant to sell at first. It may help to discuss the situation and explain that he or she will still end up with money once the home is sold.

 

You need to examine the will in order to determine how much each sibling owns. The sibling who wants to retain the property can buy out the other siblings’ interest in the property.

 

There are also ways to try and force the sale of the home, but court processes can be lengthy and costly. Court processes can also damage your relationship with your sibling beyond repair. It is usually best to come to a mutual agreement before attempting to force a sale, as  last resort.

 

Visit https://SellingYourParentsHomeNow.com/  and see how I can help you and your sibling sell your parents’ home.

 

If you need assistance selling your parents’ house, don’t hesitate to call me, Rene Perrin, at 516-802-3785.  I am always here to help and answer any questions you have. I look forward to working with you.

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René Perrin

René Perrin | Remax Central Properties | 341 Newbridge Road, East Meadow, NY 11554 |  516-802-3785

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