Legal Question in Wills and Trusts in Louisiana
My parents and I exchanged properties several years ago because my parents property was bigger and I wanted to build a house but I never did build the house. I would like to exchange properties back but I have one problem. My dad died a year ago without a will(community property) and I was wondering could my mom and I exchange properties back if my sibling agreed(signature). How can I handle this situation?
2 Answers from Attorneys
You would have to have your father's succession opened so that his interest in the property could be part of the exchange. It would not be a complicated succession, but necessary.
Your mom owns 1/2 the property she and your dad have. Your dad owned 1/2....and you and your sibling get 1/2 of his 1/2 or 25% of that property each. So you would be exchanging your 100% interest in the bigger property you now own for a 75% interest in the smaller piece. (Since you own 25% of the smaller property and 100% of the larger property, is it prudent to do the exchange?) If you think it is, then you would have the succession put everyone in possession of the smaller piece and then exchange with the owners. It is a simple process.
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