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Can multiple people inherit a house?

On Behalf of | Jan 22, 2025 | Probate

In many cases, people inherit assets individually. For example, an elderly person may have two adult children as their primary beneficiaries. They could split financial accounts evenly between them. For tangible assets, such as family heirlooms, they might decide which child will receive each item.

However, for major assets like a family home, it’s possible for multiple people to inherit the asset together. Generally, unless the estate plan specifies otherwise, this is done evenly. For instance, if the estate plan states that both adult children should inherit their parents’ house, they will each own 50% of the property. While the estate plan could allocate unequal shares, in the absence of specific instructions, equal ownership is the default.

This can create some complications

In some situations, shared inheritance works well. For example, the children might inherit a family vacation property, such as a cabin on a nearby lake. They may want to keep the cabin in the family, set up a schedule for vacations, and split the bills and costs of ownership equally. In such cases, the arrangement can work smoothly.

However, complications can arise when one person wants to sell. For instance, if the inherited asset is their parents’ primary home, one child might already own a house and prefer to sell the property to take half of the money. Meanwhile, the other child, who doesn’t own their own home, may want to keep the house and live in it. This situation becomes complex because both parties have 50% ownership, meaning neither can unilaterally make a decision to sell or keep the home.

Navigating probate disputes

These types of probate disputes can become contentious. It’s essential for those involved to understand all of the legal options available to them to resolve such disagreements. Having experienced legal guidance can help.