Legal Question in Wills and Trusts in New Jersey
My siblings and I will soon inherit a family beach home. We have all (6) known this for our whole lives. If one sibling is not interested in ownership are we obligated to buy them out or can we take the position, it was a gift, you own it if you do not want it don't use it.
Thank you
2 Answers from Attorneys
You must buy them out.
The answer depends on what the will states. If you own it as tenants-in-common, the sibling who does not want the property could actually start a lawsuit to compel sale of the property or attempt to sell their interest. My suggestion is you should consider having the property owned by a limited liability company and you and the siblings that want to own the property can obtain a mortgage to buy out the remaining sibling. That is a much smarter move in the long run.
I suggest you get a good attorney to represent you in this matter.
I hope this helps!
Ron Cappuccio
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