Legal Question in Wills and Trusts in Alabama
My Mother left her two children, my brother and I, her 55 acre farm that is in major disrepair. The will says we are to share and share alike. Neither of us have the monetary means with which to buy the other one out. Can one party give up their right to the property to the other without heavy legal costs? What procedure should we take? Also, He is currently separated from his wife, but not divorced, would his wife have any rights to his part of the property?
1 Answer from Attorneys
Normally an asset that passes like this remains the separate property of the recipient (your brother) until it is used by the spouses, so it is likely that it would remain separate from any property settlement, although that would be a family law question, not a probate question.
As for settling up with him, you could convey your interest to him via deed very inexpensively. You could use a quitclaim deed if you like. You could also sell him your interest and take a mortgage back and let him pay you over time. You could both sell it and split the proceeds. You could rent it to a 3rd party and split the revenues. Basically, there are a lot of options.
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