Partition lawsuit: If the siblings cannot agree on a buyout, the two who want to sell the property can file a partition lawsuit. This would allow the court to order the sale of the property and distribute the proceeds among the siblings based on their ownership share.
In some cases, the executor can sell the house without getting the sign-off from all the heirs. For example, in California, if the executor can sell the property for at least 90 percent of its appraised value, they may have the authority to move forward with the sale.
However, under California law, if the siblings can't agree and any of the siblings want to sell the house they inherited, they can use a legal proceeding known as a “partition action” to force the sale.
No, the property needs to have the consent of all owners, before being sold. Another owner can sell their interest but cant force the sale of the whole property. Only could your siblings petition the court to sell the property, if good cause can be shown.
Probate problems with siblings can take many forms.
Perhaps a sibling, who is serving as your parent's attorney-in-fact, is misusing their authority to withdraw funds from your parent's bank account. Perhaps a sibling manipulated your sick parent into signing a trust amendment from their deathbed that disinherited you.
He adds that some people might believe that selling a property for $1 means there is consideration involved and the transaction is binding. However, you can transfer property either as a complete gift or for a nominal amount like $1, and both methods are legally valid.
If one sibling is living in an inherited property and refuses to sell, a partition action can potentially be brought by the other siblings or co-owners of the property in order to force the sale of the property. In general, no one can be forced to own property they don't want, but they can be forced to sell.
After a parent dies, siblings can use a mediator, sell assets and split the proceeds, or defer to an independent executor who is a fiduciary. A mediator may be helpful when siblings' emotions are running high.
While executors have discretion in some areas, your core decision-making is bounded by: The deceased's will. You must follow their distribution wishes rather than diverging based on your own judgments.
If the executor sells estate properties without obtaining unanimous approval from beneficiaries, it would be against a California probate's fundamental principle. This strict rule is because the executor has to perform their duties according to the decedent's will.
Can I sue my sister for stealing my inheritance? In California, if you have evidence that your inheritance was stolen, you can seek legal recourse. A probate lawyer can assist in filing a restitution order.
A disclaimer is an heir's legal refusal to accept a gift or a bequest. The disclaiming party does not have the authority to direct who inherits their share. If you properly execute a disclaimer, the asset disclaimed will pass to whoever would have received it had you died before the person who left the asset to you.
A settlement negotiation is one of the most common ways to resolve property disputes and prevent the forced sale of the inherited property. A probate litigation attorney can help siblings who inherit an estate property negotiate the sale of one co-owner's share to another co-owner and avoid litigation altogether.
In California, a co-owner of an inherited property can force a sale of that property by taking legal action against siblings with a lawsuit called a partition action, a legal proceeding that can result in the court ordering the sale of the property and the division of the profits among siblings.
File a Lawsuit to Recover Assets from a greedy sibling
As an Executor or Trustee, one fiduciary duty is to protect from the theft of estate assets. Therefore, you may have to obtain a court order from the probate judge to have missing items returned from a sibling stealing from the Trust.
Sister Cheated Me Out of Inheritance
When suspecting a sister of fraudulently depriving one's inheritance, legal action can be taken. By presenting evidence in court of her breach, a surcharge action can be initiated, making her responsible for damages to the estate from the inheritance misappropriation.
“Give the house, the land or the business to just one child and make up the difference with a monetary share for the others. Alternatively, stipulate that the asset be sold and the proceeds divided evenly. That way, the one who really wants the asset can buy the others out.”
The straightforward answer is no, and there is no specific time limit on selling an inherited property. However, certain factors will influence the timeline of the sale process. Understanding these nuances is key to ensuring a smooth and compliant sale.
You should consider consulting with a trust litigation attorney the moment you suspect a brother or sister is stealing your inheritance or assets from the estate. The sooner you engage counsel, the sooner they can open communications with the suspected sibling and/or their attorney to address the theft.
No, the oldest child doesn't inherit everything. While it will depend on state laws, most jurisdictions consider all biological and adopted children next of kin, so each child will receive an equal share of the estate, regardless of age or birth order.
For the Seller
The IRS may view a $1 home sale as a gift, with the “gift” being the difference between the market value and the sale price. Gift taxes could apply if the value exceeds the annual exclusion limit (currently $17,000 per recipient in 2023). Sellers might also need to file IRS Form 709 for the transaction.
Gift tax limit 2024
The gift tax limit, also known as the gift tax exclusion, is $18,000 for 2024. This amount is the maximum you can give a single person without having to report it to the IRS.
When that “one dollar” language is in the deed, the reader can know that the requirement of consideration is satisfied.