What happens to two separate shares of property?

In this regard, you do not own the property in two separate and distinct shares (although notionally you would be deemed to hold the property equally). On the death of either of you, the deceased’s interest in the property would automatically pass to the survivor, regardless of the terms of any Will that each of you may have made.

How to split inheritance property between your siblings?

Split the inheritance property per the intentions of the decedent. If the instructions are to divide all property equally between siblings, you have the authority to use your best judgment as to how to proceed. For example, if there are two cars available for distribution, one valued at $100,000 and the other valued at $10,000,…

Which is an example of jointly inherited property?

For example, a family home might be inherited jointly by siblings. With siblings owning jointly inherited property, the decedent probably wanted to ensure that all of the siblings get to use the property equally, and that they cannot easily sell the bequeathed assets.

Is there a legal dispute over inherited property?

For the second time in recent months I was privileged to be asked by the popular personal finance website This is Money to comment on a complex legal topic involving an inherited family property.

How is inherited land divided in a divorce?

He further states that “if the property is titled jointly with the spouse when inherited, the property can be deemed marital property and divided between the spouses in the divorce”. “Bottom line, how that inherited land is titled can mean the difference between getting 100% of what you inherited or getting 40% of what you inherited.”

What happens when you inherit a piece of land?

Inheriting land also means you have gained the responsibility of being a landowner, including maintaining the property (even if it’s 300 miles away from you).

What’s the difference between 100% and 40% of inherited land?

“Bottom line, how that inherited land is titled can mean the difference between getting 100% of what you inherited or getting 40% of what you inherited.” In the case of siblings or other family members inheriting the property, dividing it actually comes down to an agreement among those parties.