How can coowned inherited property be kept in the family when an in-law wants cash?
Asked Jan 2, 2009, 11:01 PM
We four sisters inherited our dad's property. It was in trust in my dad's name. After he died, the trust transfer deed was placed in all four of our names.
First question: Is the house still in trust or now out of trust and owned by all four of us? The trust states that the trust is terminated when the estate is equally distributed.
Next: All of us want to keep the home and property in the family. However, the husband of one sister wants her to demand her quarter interest be paid to her in cash. IE: He wants us to buy her out. I guess he thought we had the money to do this, but none of us do, nor do we have jobs that allow us to save that kind of money or qualify for a loan of that amount. When my sister found out we would have to sell the house to get the money, she said, "No, no! Don't sell the house!"The problem is she is very ill and may soon be manipulated to make her husband be her power of attorney.
Second question: Should/When he become(s) her power of attorney, could he demand we sell the house? Is there a legal way to get her wishes (to keep the house in the family) documented while she is still mentally competent? If so, would this prevent him from demanding the sale of our home so he can get the cash?
Two of us are now living at the house and have been paying all expenses (taxes, insurance, upkeep, repairs, etc.) for the past eleven years. The other two sisters have contributed nothing to help with expenses, and have lived elsewhere. The one whose husband wants us to buy her out is one of the sisters who has contributed nothing.
Third question:Would this legally affect how much she is owed should we ultimately have to buy her out or provide a cash amount for her share after selling the house?
Are there other options for us?
Thank you for any advice, guidance, suggestions you can provide.