Good morning. Can you help with this: If Child A inherits 92% of a property and Child B inherits 8% (no ownership agreement) does this mean that Child B is only responsible for 8% of the ownership costs (tax, maintenance etc.) and (the real question) can only occupy the property 8% of the time? Thanks.
1 Answer from Attorneys
As to first part, ownership costs are allocated pro rata to ownership. While it could be argued as to usage that same percentage applies, it might not be upheld if litigated. Usage might carry a rental payment eqivalent but I do not believe this would be interpreted to mean that the rent equivalent would be the percentage of ownership. Thus, if fair market rent were $1,000 per month, the owner occupying would only have to pay the non-occupier's percentage, but would be required to pay 100%. Best, to avoid litigation, would be to enter into a written agreement spelling all of this out.