The process of selling inherited property left to multiple siblings is often brimming with conflicting interests of those involved, leading to emotional and logistical challenges. The assets will typically be divided equally between family members. However, disagreements may arise in the management of the estate. An experienced probate attorney will manage the entire action and produce the ideal outcome for everyone. Our knowledgeable Miami probate attorneys have provided insight into the case when selling inherited property with siblings.
The legal process in which the will is executed and assets are distributed is known as probate. An inherited estate will typically include both property and assets. This legal procedure must be undergone before the home can be sold. The court will assign an executor who will act as the authority to distribute the assets and repay outstanding debts. If an attorney is hired, he will act as the executor of the estate and manage the process, eliminating additional stress for the family.
Selling the Estate
To sell the property, permission from the executor and the inheriting siblings must be obtained. Once approval for the sale if received from family members, the court will be petitioned to permit the sale to take place. In the event that siblings are not in agreement to sell the property, those who wish to retain the property have the option to buy out the other inheriting family members. However, this option will not be available if the estate has outstanding debts.
Disagreements Over the Estate
In the case that the siblings cannot come to an agreement on whether or not to sell the property, a lawsuit for partition must be filed through the court requesting for the judge to order the home to be sold. Once the property is sold, disputes may still arise as to the division of the proceeds from the sale.
The probate process can lead to disagreements between family members that can damage relationships for years to come. If you have inherited property with siblings and would like legal guidance and assistance resolving disputes, contact the Miami probate attorneys at Graham Legal, P.A. today. An experienced lawyer can help prevent costly mistakes during the sale of the home. Our team can schedule a free consultation to discuss the details of your case.