If our sibling with the power of attorney, wishes to remain in our late mother’s home but cannot afford to buy out my other sibing and I, what can we do to receive our portion of our inheritance?
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If our sibling with the power of attorney, wishes to remain in our late mother’s home but cannot afford to buy out my other sibing and I, what can we do to receive our portion of our inheritance?
There are 3 siblings are on the deed to our mother’s home. We are listed as tenants with full rights of survivorship. When she dies, do we all share 1/3 of the property when it sells after her death?
Asked on July 16, 2019 under Real Estate Law, Michigan
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
First off, a POA terminates upon the death of the grantor, so once your mother passes your brother will have no authority to act as her agent. Secondly, as owners ofthe home, you have a right to force a sale if it comes to that. When joint owners cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, the court will order that the property be divided, if possible. If not, such as in the case of a single family house, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for fair market value. Then the proceeds will be equitably distributed. First, however, before being offered to 3rd parties, any owner who wants to buy out the other owner(s) can do so.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
First off, a POA terminates upon the death of the grantor, so once your mother passes your brother will have no authority to act as her agent. Secondly, as owners ofthe home, you have a right to force a sale if it comes to that. When joint owners cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, the court will order that the property be divided, if possible. If not, such as in the case of a single family house, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for fair market value. Then the proceeds will be equitably distributed. First, however, before being offered to 3rd parties, any owner who wants to buy out the other owner(s) can do so.
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