Legal Question in Wills and Trusts in Texas
will and probate
If all three siblings split the property
and I already live there, do I have to buy them out? If I don't have to, and I continue to pay the mortgage for ten or fifteen years, when I pay off the house will their share of the equity include the last ten or fifteen years of payments I made.?
2 Answers from Attorneys
Re: will and probate
A lot of this depends on what you and they want to do with the property and how much of the property each person owns. Assuming you all are joint tenants, if you want to remain their and they want to sell it, then you might have to buy them out since they own a share of the property.
If they don't mind you living there and don't care either way then you wouldn't necessarily have to buy them out, but your paying the mortgage will not give you a greater share of the property so to speak. Since each joint tenant is responsible for their share of the liabilities associated with real property, you're essentially making a gift to them when you pay the whole thing. Though again, I'm making a lot of assumptions here. You should contact an attorney and explain the situation in more detail.
Re: will and probate
They can force you to sell in a partition lawsuit. Assuming you are equal heirs, if you stay, you are liable to them for 2/3 the market value of rent. If your payments, taxes and insurance equal that, then I would argue an offset, but bottom-line, the judge decides if no agreement can be made between you all.
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