Legal Question in Wills and Trusts in New Jersey
Executrix wants to rent decedent's house from the estate
I am executrix of my father's estate. Currently I am paying rent in a different town, and would prefer to vacate that apartment, and rent my father's unoccupied house from the estate. My sister is the only other heir, and we share equally. What would I need to do to occupy the house as a tenant. His personal property, much of it collectible, needs to be inventoried and appraised before being dispensed equitably among me and my niece and nephew. Living in the house would make that task easier.
2 Answers from Attorneys
Re: Executrix wants to rent decedent's house from the estate
You can move in and the fair market value rent for the house can be deducted from your share of the inheritance or you could just pay that rental amount into the estate account until final distribution is made. What will you do with the house eventually? You could buy it from your sister and get a mortage for the half you have to pay her. As to the rental, if it is going to be more then a few months, it probably would be best to make up a lease between you and yourself as Excutrix and have your sister sign approving of it. If you need any help with the documents or finalizing the Estate you may contact me.
Re: Executrix wants to rent decedent's house from the estate
A good approach would be for you to rent the house from the estate. It doesn't have to be for FMV, but it should be for an amount that your sister agrees to. I would also advise that you set a date by which you would revisit the rent so that your sister isn't disadvantaged by a long period of low rent. That will give you time to settle the estate and determine what will happen to the house.
If either of you are interested in buying the house, you should definitely involve your lawyer in the process. There are some issues that arise in that type of a division and sale that don't occur in a typical property sale.
If I can be of further help, please call. If you remind me that the contact was through Lawguru, there will be no fee for the first consultation.
See also: http://info.corbettlaw.net/lawguru.htm
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