I am the executor of my late aunt's estate. She left all her property to me and my sister, including a home & a car. My sister wants to sell, I want to keep the property - the property isn't sub dividable & neither can afford to buy out the other half. I was wondering if 'renting' the property could be an option (either residential or commercial) and if so, are we still responsible for a inheritance tax on the income and what all is involved with becoming a landlord?
If renting is a possibility, do you have to wait until the property is out of probate before leasing or can I have someone come in now so that I can use that income for the estate bills?
1 Answer from Attorneys
All very good questions. First, the Estate can rent the property, now. Your job a s PR is to preserve assets. And once the property is deeded to you and your sibling, you two must agree on how the property will be used. If you cannot agree, then either can sue for "partition." As for being a landlord, it depends where the property is located. You may have to register the property and get lead paint certificates. You must have a written lease, and you should know your rights if a tenant doesn't pay.