Legal Question in Wills and Trusts in Texas
Who is entitled to live in a family home?
My father died when we were children and my mother just recently died about 3 months ago and there are four children. I would like to move into the house and fix it up to keep it from literally falling on the ground. How can I do this legally without incurring a lot of financial costs?
1 Answer from Attorneys
Re: Who is entitled to live in a family home?
This really depends on your situtation. Assuming that the property is in Texas, and that all of the heirs agree, and that their are no estate debts, you can do some procedures that will title the house to you. One of the more common scenarios is as follows: you and the siblings can sign a family settlement agreement, by which you all agree that you keep the house in exchange for some compensation (typically, a percentage of the sales price). After that, you can prepare heirship affidavits to demonstrate to a title company everyone's ownership interest. Then, you can have the other heirs deed their interest in the home to you. Finally, you can mortgage the property and pay everyone their share of the house. Other procedures may be required depending on the estate's status (debts, taxes, other property, etc.) Feel free to call me at 214.368.7040 if you would like to discuss it further.
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