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    jetters50's Avatar
    jetters50 Posts: 24, Reputation: 1
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    #1

    May 23, 2013, 07:27 AM
    Inherited property question
    Just found out that my 19 yo son has inherited a share of his father's house and small acreage in Texas but I don't know what the legal implications of this are. Here are the details:
    There was no will so the widow received 50% of the property with the other 50% given to my son and his 3 half-siblings. The siblings are adults and don't want their shares so are debating whether to sign over their portion to the widow or to my son. So potentially, either my son will own 12.5% or possibly 50% of the property. He does not get along with his father's widow and she won't speak with me or him.
    Can anyone tell me what the legal benefits vs. the disadvantages of this situation would be? I'm thinking it would be best to sign it all over to her, but my son is attached to the home and wants to keep his share.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    May 23, 2013, 09:42 AM
    The benefits are that he has assets. The disadvantages is that he is responsible for (at this point) 12.5% of the taxes due on the property. Unless the property is being rented and therefore producing an income, he will have to pay that out of pocket.

    When and if the property is sold, he will get his share of the proceeds.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    May 23, 2013, 06:29 PM
    He has three options:
    1. Give it away as suggested;
    2. Keep a fractional undivided interest, owned in common with his step-mother; or
    3. Demand that the property be sold and that he get his share of the proceeds.


    If it were me, I would go for option number 3.

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