A couple here.
A brother and sister inherit house from parents when they are no long alive. Brother always lived in the house with parents. Sister is married and has her own house with husband.
What if brother wants to live in the parents house forever? Does he have to pay half of house value to sister? Can sister demand half of house value in cash?
Also if brother and sister inherit house, can they leave the house under other peoples names in will if they die? Can the married sister leave house to her family members?
It wouldn’t seem fair but how far down the family tree can the house inheritance go?
Also
yeah brother owes sister money.
you could sublet your basement, send her the money until it is paid off.
I think the rest depends whether or not you are going to sell the house. You have to work something out with her.
Sister owns half the house. The sister may demand that the house be sold, and she be given her share. She may allow the brother to live there, and buy here half, but she doesnt have to.
If the brother wants to live there he has to buy out the sister’s 1/2 or pay her rent at 1/2 the fair market value. It’s her choice, not his. If he rents she can leave her 1/2 to anyone she wants to leave it to.
>> What if brother wants to live in the parents house forever? Does he have to pay half of house value to sister? Can sister demand half of house value in cash? <<
Yes, yes. Typically these things are worked out by agreement. Bro. can get a mortgage to pay sister’s share. If they can’t work it out either party can file a court action for “partition” which would force a court ordered sale & they would have to bid against each other or a 3d party could bid & the proceeds would be divided between them.
Above assumes there has been a completed court probate of the parent’s estate. If not it has to be done. These matters should be brought to a local attorney.
That depends on the will, and/or the probate court. Generally, if there is no will, and no surviving spouse, the probate court will divide the estate equally amongst the surviving children. In that case, yes, he’d have to come to an arrangement with his sister about paying her for half the property.
If there is a will, then the court would take that into account.
Once probate is settled, the ownership devolves to the brother and sister. They can separately leave their property to anyone they like, including their own spouse/siblings, friends, or non-profits.
Depending on the terms of the will the law would say the brother and sister are joint tenants with the right to survisorship. This means they both own the house equally…earn profits equally…and pay taxes equally.
If the brother wants to live there he has the right to do so…without paying the sister…but the sister has the right to live there also if she chooses.
Now if one dies…with a joint tenancy the other would take full ownership…and the property is not inheritable by the half.
Example the sister dies a year later…the brother owns the house completely or vice versa….
Now if the law in your state would make them tenants in common instead of joint tenants…in this case unlikely….then the property would be inheritable by the half….if the sister dies she can leave half to her husband.