When a person passes away and leaves behind real estate, it can be included in the probate process. Probate is the legal process in which a deceased person’s assets are distributed to their heirs or beneficiaries. However, if the heirs do not agree on what to do with the real estate in probate, the situation can become complicated and potentially result in legal disputes.
Here are some possible solutions if heirs do not agree on what to do with real estate in probate:
Sell the real estate: If some heirs want to sell the real estate while others want to keep it, there may be disagreements on the sale price, timing, and terms of the sale. This can lead to delays and potential legal disputes, as well as financial and emotional stress for the heirs involved.
Partition the real estate: If the real estate is jointly owned by the heirs, they may be able to agree to partition the property into separate portions that can be owned individually. However, if they cannot agree on how to partition the property, they may need to seek a court order to do so, which can be a time-consuming and expensive process.
Buy out other heirs: If one or more heirs want to keep the real estate but do not have the financial means to buy out the other heirs’ interests, there may be disagreements over how much each heir should be paid for their share. This can be especially complicated if the real estate is a valuable asset and the heirs have different ideas about its worth.
Rent the real estate: If the heirs cannot agree on whether to sell or keep the real estate, they may consider renting it out. However, disagreements can still arise over who will manage the property, how the rental income will be divided, and how expenses will be paid.
Allow a third-party to make the decision: If the heirs cannot agree on what to do with the real estate, they may consider appointing a neutral third-party to make the decision for them. This can be a mediator or an arbitrator, who can listen to each side and help the parties reach a resolution that is acceptable to everyone involved.
Bottomline, if heirs do not agree on what to do with real estate in probate, the situation can become complex and potentially result in legal disputes. It is recommended that the parties involved seek the advice of an experienced probate attorney who can help them navigate the process and find a solution that is fair to everyone involved.