Inheriting family rental properties?
If my dad owns rental properties with his brother and I inherit his share how do I get out of it? I wouldn't want the properties.
- Raymond L.Lv 59 months ago
you then SELL your share to your unlce.
DO NOT ask to be taken out of the will as others have answered, that's just stupid.
- Beverly SLv 79 months ago
Tell him not to put you in the will.
- EvaLv 79 months ago
His brother buys you out or you sell the properties. You could also disclaim them and not accept ownership.
- SSP Bowl DudeLv 79 months ago
You can tell your dad you aren't interested in the property so he can adjust his will.
You can disclaim the property upon his death.
You can sell your share to your uncle.
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- JohnLv 49 months ago
Just leave them if you don't want them. After a few years the state will come buy them. Saves you money. If you just inherited the price is too high for anyone to want them so you be **** out trying to possess them with all the taxes you'll owe.
- 9 months ago
Sell your share to a family member.
- JudyLv 79 months ago
sell or give your share to his brother
- zipperLv 69 months ago
You see if your uncle wants to buy you out. If he does no problem if not sell it to a broker.
- babyboomer1001Lv 79 months ago
You do not have to accept them. Talk to your uncle and ask if he would like to own them outright. If he says yes, then sign them over to him.
- curtisports2Lv 79 months ago
People are advising you to disclaim your inheritance. You can do that, but why? Why should your uncle get all of it?
I'm assuming your father does not have a spouse or other living children, or you would not necessarily be receiving all of his share.
If you don't want the properties, then there is no point in buying out your uncle's share. You ask him to buy out yours. You will need the help of the executor of your father's estate to properly value your share. Your uncle may have to refinance properties to buy out your share, or he may have to sell them. If he refuses to cooperate, there are legal steps that can be taken to force him to pay you your share.