04:30
Faizan
Just doing the math, dividing three-quarters of an acre of land among three heirs is as about as simple as it gets -- each would receive a quarter acre. In legal terms, however, it's a bit more complicated than that. All three of you could own the entire parcel together until you do something to change that.
Problems With Joint Heirs
There are several reasons why a loved one might leave three people the same piece of land. Perhaps his estate plan was not very sophisticated, so he bequeathed his entire estate to his three children in his will without mentioning who gets what. Or, he may not have left a will at all, so three siblings could stand first in line -- together -- to inherit in equal measure under your state's laws for intestate succession. There's also a possibility that he did it on purpose because the three of you never got along and he thought that owning property together might heal the rift. However it happened, the three of you may not want to remain co-owners of the same property, or each of you may have different plans for the property that are diametrically opposed to each other. You can ask the court to partition the parcel into three shares.
Petitions for Partition
Filing a petition for partition with the court to legally sever your share will vest sole ownership of a percentage of the property in you. You must initiate the lawsuit in probate court if the estate hasn't settled or closed yet. If it has, you can still file a petition for partition, but you must typically do so in civil court. These lawsuits can be expensive, because the court might want to have the land appraised or at least surveyed. The heirs must typically pay for these expenses whether they brought the lawsuit themselves or another co-owner did. If there are three of you, each would typically be responsible for paying one-third of the court suit expenses.
Allocation of the Parcel
The court will either divide the land between you and your co-owners "in kind," or the judge will direct that the land must be sold. If the judge orders an in-kind distribution of three-quarters of an acre, each of the three heirs would most likely receive one quarter of an acre, and each would own his own portion individually without interference from the others. In-kind distributions are not always possible, however. For example, a river or stream might run through the property, so someone's share would literally be underwater and unbuildable. A sliver of the property might be more valuable than the rest, due to zoning or other considerations. If an equitable division cannot be achieved, the court will order the property sold. If the parcel was left equally to three heirs, you would each receive one-third of the sale proceeds. The court can appoint a disinterested third party to handle the sale if you and the other heirs can't get along well enough to manage it. Keep in mind that this person must often be paid -- another cost for which the heirs are responsible.
Partition by Agreement
If all three heirs agree how to partition the property, you don't have to sue each other to do so. Assuming that zoning or other regulations permit division of the parcel, in most states, you can submit a consent order to the court as part of the probate process. The judge will then apportion the property into three distinct, separate shares according to the agreement's terms The executor of the estate can prepare three individual deeds, rather than one, transferring the parcel from the estate to all three of you jointly. If probate has closed, you must file a lawsuit, but you can usually settle it immediately by submitting your written agreement to the court along with the petition initiating the action.
Problems With Joint Heirs
There are several reasons why a loved one might leave three people the same piece of land. Perhaps his estate plan was not very sophisticated, so he bequeathed his entire estate to his three children in his will without mentioning who gets what. Or, he may not have left a will at all, so three siblings could stand first in line -- together -- to inherit in equal measure under your state's laws for intestate succession. There's also a possibility that he did it on purpose because the three of you never got along and he thought that owning property together might heal the rift. However it happened, the three of you may not want to remain co-owners of the same property, or each of you may have different plans for the property that are diametrically opposed to each other. You can ask the court to partition the parcel into three shares.
Petitions for Partition
Filing a petition for partition with the court to legally sever your share will vest sole ownership of a percentage of the property in you. You must initiate the lawsuit in probate court if the estate hasn't settled or closed yet. If it has, you can still file a petition for partition, but you must typically do so in civil court. These lawsuits can be expensive, because the court might want to have the land appraised or at least surveyed. The heirs must typically pay for these expenses whether they brought the lawsuit themselves or another co-owner did. If there are three of you, each would typically be responsible for paying one-third of the court suit expenses.
Allocation of the Parcel
The court will either divide the land between you and your co-owners "in kind," or the judge will direct that the land must be sold. If the judge orders an in-kind distribution of three-quarters of an acre, each of the three heirs would most likely receive one quarter of an acre, and each would own his own portion individually without interference from the others. In-kind distributions are not always possible, however. For example, a river or stream might run through the property, so someone's share would literally be underwater and unbuildable. A sliver of the property might be more valuable than the rest, due to zoning or other considerations. If an equitable division cannot be achieved, the court will order the property sold. If the parcel was left equally to three heirs, you would each receive one-third of the sale proceeds. The court can appoint a disinterested third party to handle the sale if you and the other heirs can't get along well enough to manage it. Keep in mind that this person must often be paid -- another cost for which the heirs are responsible.
Partition by Agreement
If all three heirs agree how to partition the property, you don't have to sue each other to do so. Assuming that zoning or other regulations permit division of the parcel, in most states, you can submit a consent order to the court as part of the probate process. The judge will then apportion the property into three distinct, separate shares according to the agreement's terms The executor of the estate can prepare three individual deeds, rather than one, transferring the parcel from the estate to all three of you jointly. If probate has closed, you must file a lawsuit, but you can usually settle it immediately by submitting your written agreement to the court along with the petition initiating the action.
Posted in: Estate Laws
