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| Wills, Trusts, Estates Wills, trusts, estates, gift tax planning, etc. |
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#1 |
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Background: I will bullet point:
* Mom died in April 08 * All assets in a Trust * 5 kids are to inherit everything equally * 1 kid (40 years old) lives in the house, has his whole life. (I'll call him Bob) * Other 4 kids want to sell (even in this bad market) and just split the assets 5 ways and be done with it all. * Bob want to see if he can qualify to buy the house. (he won't be able to. Doesn't have a good job, not alot of money). So he's sorta taking his time finding that out. * Mean time, 4 kids voted to charge him rent. (both to collect some much needed money to fix up the house and to incentivize Bob to move quickly on finding out if he can buy the house). Agreed amount of rent $1,200/month. (It's a 5 bedroom house in San Jose, CA) could get $2,000 month EASILY ont he open market. Bob was to start paying rent in May. Has not paid, says he thinks the amount is unfair. Question: Is Bob "holding all the cards"? He is 20% owner of that house. How do we evict him? CAN we evict him? Can 4 kids agree to sell house even if he doesn't want to sell? |
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#2 |
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A judge will rule and force all parties to agree or sell if you all cannot agree.
It is a common procedure. [A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the tenants. Under the common law, any tenant who owns an undivided concurrent interest in land can seek such a division. In some cases, the parties agree to a specific division of the land; if they are unable to do so, the court will determine an appropriate division.] |
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