Legal Question in Wills and Trusts in California
Co-inhertance
Four years ago I co-inhereted a house and since that time the co-inheretor and I have both resided in the home... Since the bequest I have been the only one paying for;taxes,utilities,maintenence and upkeep.I've also done some remodeling and repairs so as to upgrade the property and increase it's value...Meanwhile my co-inheretor has showed no interest in helping my efforts and in many cases his lack of concern has caused costly damages which I have had to repair.He has not once contributed in anyway to anything at our residence.My qeustion is this,As we are discussing dissolving our ties-What would be my options in a settlement?( I would like to keep my home if possible...)Thanks,Any help will be greatly appreciated.
3 Answers from Attorneys
Re: Co-inhertance
Usually both co-owners are equally responsible for the expenses of the property, so you may be entitled to some reimbursement. You should probably work out a buyout deal if you would like to stay at the property.
Re: Co-inhertance
Assuming that the house has been through probate. And is in your and your co-inhabitant's names. Your obtions are: Settle on a price and buy the other guy out. With 50% equity in the home you shouldn't have too much trouble financing it. If the other party doesn't cooperate you'll need to file a 'partition action' in the court and force a sale. In which you end up buying the other guy out. You might try mediation, which is a big thing right now, to help negotiate a settlement between you and the co-owner.
Re: Co-inhertance
You may have an equitable right to recover 1/2 of what you have put into the property by way of taxes, etc. If the other party does not want to go to sell his half to you, then you could seek a court order.
As someone else suggested, you might try mediation to reach an equitable settlement. Depending on how much you spent, it might be mare advantageous to forget half of the expenses, rather than pay the legal costs.
Let me know if you need help, as I am in the Bay Area.
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