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Can your siblings force you to sell your mom’s and dad’s home?

On Behalf of | Mar 24, 2021 | Estate Planning

Inherited property can mean different things to different people. To your siblings, the family home could be a large chunk of money. To you, it may be a treasure trove full of happy memories of your mom and dad.

Problems can occur when you jointly inherit a property

You probably disagree with your brothers and sisters about many things. When you disagree about what to do with the family home, it can be challenging. You need to find a harmonious way to settle things. Here are some suggestions:

  • You buy the others out: This relies on you having sufficient funds to do so.
  • You trade it for other assets: Often, the family home is the largest asset in a person’s estate. There may be no other assets worth as much. If it is part of a larger portfolio, then things are simpler. You could offer to trade other assets with your siblings in exchange for their share of the home.

If neither of these solutions is feasible, your siblings may insist on selling the property. Bear in mind they may have good reasons to want the money. They might need it to put a deposit on a home, pay off their mortgage or start a business.

What if you refuse to agree to sell?

If your siblings want to sell the home, but you refuse, they could try to force it via legal means. They could bring a partition action. This means they ask a court to decide how to divide the property. A judge may find that the only way to divide the property is to sell it. If you can reach an agreement without involving a court, it is usually better for all concerned.