Property Partitions Lawyers In Florida
People sometimes believe their estate planning will be easy. They may think the only asset they own is their house, and they just want to leave it to their children. But even this seemingly simple plan can become complicated.
Let's say you, your brother, and your sister inherited your mother's house after she passed away. In order to be fair, your mother left each of you an equal share in the house. You and your siblings are now co-owners of the house (most likely as tenants-in-common), so what are you going to do with the house?
Maybe you agree to sell it and split the profit among yourselves. But maybe it's more likely you can't come to an agreement. Maybe you want to sell it immediately. Maybe your brother has a sentimental attachment to the home and wants to wait to sell. Maybe your sister actually lives in the home and wants to own it outright. What then? You and your siblings will most likely have to seek partition of the property.
Partition is a legal cause of action in which the court determines the rights and interests of co-owners and divides the property. There are two types of partition: partition in kind and partition by sale. Partition in kind is an actual, physical division of the property. Partition by sale (as may be obvious by the name) means a court-ordered sale of the whole property. So, in our example, because you and your siblings are all co-owners of the property and cannot agree on what to do with it, partition is the best course of action.
Florida recently passed a new law related to partition: the Uniform Partition of Heirs Property Act ("UPHPA"). This new law provides more protection for heirs seeking partition. Previously, one heir could unilaterally seek partition of the property or sell their interest to an investor, thus disrupting ownership and removing the property from family control. This might not sound like such an issue if the only heirs are you and your two siblings, but what if the heirs were you and your 30 cousins? The UPHPA introduces new procedures for notice and value determination. The UPHPA also adds a buyout option and open-market sale if partition by sale is ordered.
Have questions about how to get started
on your estate plan or estate needs?
Contact the experienced estate planning professionals at
The Estate Plan
135 San Lorenzo Ave Suite #750
Coral Gables, FL 33146
(305) 677-8489
https://www.TheEstatePlanFL.com/
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