Resolving Disputes Between Heirs Over Jointly Inherited Real Estate Property

Real estate ownership is synonymous with generational wealth.  When newlyweds buy a house, they dream of passing it on to their children as an inheritance decades later.  Even if you already own a house, inheriting one from your parents is practically your only chance at owning multiple real estate properties in today’s economy.  Inheriting a real estate property unencumbered by a mortgage is the biggest windfall most of us will ever get.  Of course, things are more complicated if you inherit the real estate property jointly with your siblings.  Remember when your parents bought one Nintendo game system, with only two game controllers, that all of you kids had to share?  The conflict that can arise from jointly owning a real estate property with your siblings can be  exponentially worse.  The good news is that the law outlines procedures for determining the fate of a single real estate property passed down to multiple heirs during probate.  For help navigating probate cases where multiple family members jointly inherited a real estate property, contact a Dade City probate lawyer.

The Law Guarantees Heirs a Fair Chance to Keep Inherited Real Estate Property in the Family Before Selling It

When an estate settles, the heirs can take their respective inheritance and go their separate ways.  This is not so simple when the decedent has indicated in his or her will that all of the decedent’s heirs will inherit the family home as tenants in common.  Cases where the siblings all want to live in the house together and share expenses for its upkeep are rare.  Sometimes the siblings can agree that one of them will live there; other times, they agree to sell it or to keep it in the family as an income-generating rental property.

When the heirs disagree about the disposition of the property, that is, buying out each other’s shares or selling the property and dividing the proceeds, the probate court intervenes pursuant to the Uniform Partition of Heirs’ Property Act (UPHPA).  The Florida UPHPA is a state law, but most other states have identical laws.  The UPHPA stipulates that the heirs must go through a mediation-like process to decide how to dispose of the property.  If one heir wants to keep the property, he or she has the right to buy out the other heirs’ shares before the court orders the sale of the property.  If necessary, the court will mediate this process.  If the heirs decide to sell the property, the probate court is involved in ensuring that all the heirs agree to the sale price before the sale moves forward.  Despite this, the process goes more smoothly if the personal representative and the heirs hire probate lawyers.

Contact a Florida Estate Planning Attorney About Handling Jointly Owned Real Estate Property Probate

A probate attorney can help you manage the real estate property of the deceased person bequeathed to multiple heirs in his or her will.  Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.

Source:

flsenate.gov/Committees/billsummaries/2020/html/2103