What to do if a beneficiary doesn’t want their inheritance but stipulations go along with it?

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What to do if a beneficiary doesn’t want their inheritance but stipulations go along with it?

Mom stated in her Will that my sister could have her house and live there rent free for 5 years, then after that time she had to buy me out of my half. Now that my sister doesn’t want the house, but I do, so do those same stipulations apply to me?

Asked on October 19, 2014 under Estate Planning, Idaho

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

I am so sorry for your loss.  If you sister wishes to "renounce" that part of her inheritance (to live there and buy you out) she can indeed do so and she has to do so, in writing, within 9 months after your Mother's date of death. The house would then go in to the estate and you can purchase same if you would like, buying her out of her portion.  Please have an attorney who is knowledgeable help you here so that it is done properly. Good luck.


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