HOLDOVERS LIVING IN ESTATE
When inheriting a property, you might have to address the issue of holdovers living in the estate. If one of your siblings or yourself is living in the property, you need to come to an agreement with all the heirs regarding whether the concerned individual will continue to live there or will need to vacate. In the case of continuing to live there, the terms must be clearly drafted. If the right to remain there is mentioned in the will, then it cannot be challenged. If it has to be challenged for some reason, the necessary legal proceedings must be adhered to. If the decision is made to sell the property, then the property must be vacated in a definite timeline facilitating the sale. If the occupant wishes to continue residing in the property despite the sale, then it must be dealt with accordingly.
INHERITING WITH A TEN G WITH A TENANT OCCUPYING
If you are inheriting a property with tenants living in it, you must fulfill some responsibilities from the position of a landlord. If the property is sold, the legal rights of the tenants must be given due consideration. The Rent Control Laws are constantly changing and getting stricter, especially in Los Angeles. There are city, county and state laws, and there’s even a movement towards federal laws. A whole book could be written on this subject. But by the time it was completed, it would be obsolete. For complicated situations like this, consult an attorney with specific background in local tenant landlord elements.
SPLITTING UP ITEMS INS G UP ITEMS INSIDE
Decisions pertaining to the settlement of the property or the division of its contents among the legal heirs must follow the
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