Legal Question in Wills and Trusts in Louisiana
I am the beneficiary of my father�s insurance policy. He passed 4 years ago, left no will, and the only thing of value is the family home. There are 6 siblings, most of whom are upset and threatening to sell the home, even if at a loss. I have hesitated claiming the policy because it is unclear whether I will need to use the proceeds to purchase the home and in turn let a family member purchase it. At this time, the siblings, for whatever reasons, do not want to just outright sell it to a family member. The insurance company has stated that I must now claim the policy or they will turn it over to the state as unclaimed. I would appreciate any suggestions as to how I can handle this matter. In addition to needing the funds for the possible use of purchasing the family home, I also do not want to have that amount of money identified as being solely mine. I don�t want to deposit it in my checking and savings account, and if I created an estate account the other siblings can claim it. No one wants to be the administrator and again, any attachment of the funds to the estate will nullify my control of the funds. Please provide me with a workable solution
1 Answer from Attorneys
As far as the insurance policy proceeds go, you really have no choice. The proceeds are yours, and are not part of your father's estate. The insurance company must pay these funds to you individually. They can't do anything else, since you are the named beneficiary.
As far as the house goes, the choices are to sell to a family member, sell it to a stranger, or do what is called a partition by licitation. Any co-owner (and you and your sibs are co-owners, even though no succession proceedings have been started) can force a judicial sale of the house. That works like a foreclosure sale. The court orderd the property sold at auction, through the civil sheriff's office to the highest bidder. That's not a good option, because of the costs involved, including the legal fees, appraisal, and commission charged by the sheriff for the auction.
In any event, the succession will have to be opened and someone named as administrator to deal with the house.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
