Legal Question in Wills and Trusts in New York

My husband recently passed away and left me and two children from another marriage as heirs. He has only one significant piece of property, his real estate, which he and I were both living in when he died. It is a cooperative that was solely in his name, and he died intestate, without a will of course. I realize that I have a 50% interest in the property through my intestate share as his spouse and he indicated to me prior to his death that he did not want me to sell the property, but wanted me to continue living in it, but unfortunately did not have the time to put his desires into writing.
My question is: do I HAVE to sell the property and distribute its proceeds to his two children in order to complete a Judicial Accounting and satisfy their intestate rights, or can I just keep the property but pay the two heirs their intestate shares through a payment plan?
As I stated I live in the house that is his only asset of real value, and it is impossible for me to satisfy his children's intestate shares from other assets of the estate. But I would like to not have to sell our home since I was living there before he died, so I just want to know if I can simply complete the Judicial Accounting by setting up a payment plan to his children in the amounts of their intestate shares?

Asked on 6/30/11, 10:57 am

3 Answers from Attorneys

Michael Markowitz Michael A. Markowitz, PC

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My question is: do I HAVE to sell the property and distribute its proceeds to his two children in order to complete a Judicial Accounting and satisfy their intestate rights, or can I just keep the property but pay the two heirs their intestate shares through a payment plan?

A. The property has a value. If all parties agree on the value I see no reason why you cannot pay the two heirs their intestate shares through a payment plan.

Mike.

Answered on 6/30/11, 11:37 am

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