How to Get Out of Inherited Joint Property Held With a Non-Spouse

By Marie Murdock

When a parent or relative dies, he may leave several heirs who jointly inherit his entire estate, including any real estate. Without a provision in a last will and testament specifying which heir gets what property, the real estate will be inherited in undivided interests to be held by the heirs generally as tenants in common. Any change in ownership of the inherited property will either be by agreement of the heirs or by court order, subject to the terms of any will.

Sale by Executor

Most wills direct the executor to pay debts against the estate first before distribution of assets to the heirs. If a purchaser is obtained for the property, the executor may be forced to liquidate to pay estate creditors before distributing any remaining proceeds to the heirs as directed under the will. If the will grants the executor the power to sell the property and all heirs agree, the executor may also execute a deed to a third party even if there are no debts owed and distribute the proceeds to the heirs.

Sale by Agreement

All heirs may agree to deed their interest in the property to one of the heirs who wishes to acquire the property. The heir purchasing the property may agree to pay the others their share by mortgaging the property or exchanging his interest in other estate property.

Protect your loved ones. Start My Estate Plan

Disclaiming Property

An heir who doesn’t wish to receive any property from the estate may agree to disclaim his interest in the property within the time allowed by law after an estate is filed. The filing of a disclaimer in the estate is an heir’s way of declining his inheritance as it pertains to specific property or all of the property, depending on his intent. If too much time has passed, an heir will usually be required to deed away his interest in order to terminate joint ownership.

Court-Ordered Division

If the heirs can’t agree on how to divide the property, the court may intervene upon being asked to do so by one or more heirs. The court may order a survey to divide the property into parcels, one for each heir if there is a large tract of land, or it may order a sale of the property to a petitioning heir or to a third party with the cash proceeds being divided among the heirs according to their respective interest.

Protect your loved ones. Start My Estate Plan
Ohio Probate Law Concerning Property Deeds in Multiple Names With No Rights to Survivorship
 

References

Resources

Related articles

Quit-Claim Deed Before a Divorce

Divorces frequently include property division. Before a divorce and maybe even before contacting a divorce attorney, you and your spouse may verbally agree how to divide property. The two of you may even sign quitclaim deeds to each other conveying real estate before or during the divorce process. Although deeding property prior to the entry of a final divorce decree may seem like a good idea in theory, there may be numerous reasons to postpone the conveyance until a divorce has been finalized.

How to Get Out of Inherited Property Held As Tenants-in-Common

Tenants in common is a type of ownership interest where two or more persons own a piece of property together. Unless a will specifies a different form of ownership, most states recognize tenants in common as the default form of co-ownership. An heir who inherits property as a tenant in common and who does not want to share a property interest with other co-owners has a few options, depending on the specific circumstances of each situation.

How to Contest an Uncontested Divorce in Mississippi

When spouses not only agree to be divorced, but also on the reason for the divorce and terms of the divorce, they can file an uncontested divorce. An uncontested divorce is typically cheaper and quicker than a contested divorce, which is one in which the spouses dispute some or all of the issues of the divorce. However, Mississippi law is strict when it comes to divorce and, depending on the circumstances, a spouse can prevent the completion of a no-fault divorce by contesting it.

LegalZoom. Legal help is here. Start Here. Wills. Trusts. Attorney help.

Related articles

How to Transfer Property Ownership Through a Will to Co-Owners

As personal representative or executor under a will, there may be many situations in which you find it necessary to ...

How to Transfer a Deed to a House if the Owner Dies Without a Will

When someone who owns the entire interest in a parcel of land or real property dies without a will, the state’s laws of ...

Problems With Selling the Property of an Heir

Traditionally, an heir is defined as a person who receives property from an estate due to intestacy. When a person dies ...

Meaning of the Legal Term "Rights of Survivorship"

The term, “Rights of survivorship,” refers to a form of property ownership where two or more people -- often a husband ...

Browse by category
Ready to Begin? GET STARTED