Legal Question in Wills and Trusts in New York
My father left my sister and I a cottage in his will. The will states that I and my sister can share and share alike the cottage. It state that if the property is sold that the proceeds are divided equally between myself, my sister and a brother and sister that live out of town, the four of us. I do not want to use the cottage I just want it sold. I get that my sister wants to use it for a while ( I don't know how long) before selling it. She is executor of the will and want to close out the estate and put the deed to the cottage in my and her name. I am leery of this because I believe once she deeds the property in my and her name then I will have nothing but problem with my sister to get this property sold and 1/2 the liability of up keep and taxes. Also I own a house of my own and my sister does not own a house or have many assets at all, so if someone get hurt on the property they would come after me before her because I have my more assets than her. My other two siblings from out of town would like it also sold. I would like to know if I have to deed this property in my name because of what the will states. Do we need to close out the estate to sell the property or can we deed it in the estate. If we close out the estate and deed it in our names then we sell it in a couple of years is the tax liability different than selling it in the estate?
1 Answer from Attorneys
Once a new Deed is recorded it might be difficult to sell and to pay your other siblings. You might consider suing for patition to resolve this. Partition would require the house be sold or that she buy all of you out and own the house herself.
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