Now that both of my parents are deceased, what are my rights to the house that I have lived in with my family for the last 10 years?
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Now that both of my parents are deceased, what are my rights to the house that I have lived in with my family for the last 10 years?
My parents added on the house with the verbal agreement that we could stay until my son graduates high school. Both of them passed away but did not leave an updated Will. I have 2 sibilings and everything that is left is split equally amongst us. There is still a mortgage and line of credit on the house that I have been paying since my dad passed. Do I have an legal right to say here until my son graduates or would I need to sell if I cannot buy my siblings out?
Asked on May 20, 2013 under Estate Planning, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
The verbal agreement is meaningless, since your parents are now deceased. Therefore, unless your siblings will agree to sell to you or otherwise to let you stay (e.g., you and they may agree that if you pay taxes, utilities, and maintenance, you may stay until your son graduates, at which point the three of you will sell the house and divide the proceeds). If you can come to an agreement with your siblings in principal, retain an attorney to structure and draft it.
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