US Legal Forms
Legal Resources
Questions & Answers
Wills and Estates
Can I refinance a house with a 10-year restriction in the will?

Can I refinance a house with a 10-year restriction in the will?

Full question:

could i refinance a house that need work that my brother and I are trustees? Also, in the will it states we cannot do anything with the house for 10 years, but my sibling lives in it free and owe taxes? what are the best alternatives?

Category: Wills and Estates
Subcategory: Conditions
Date: 04/07/2025
State: Maryland

Answer:

It may be possible to refinance the house despite the 10-year restriction in the will, as this provision does not necessarily prevent refinancing. However, if the will has been probated, you and your brother, as trustees, might need to seek court approval to proceed with refinancing. You should also ensure that any taxes owed are paid. If your sibling is living in the house without paying rent, it would be advisable to establish a rental agreement that includes provisions for tax payments and contributions to the trust.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if I want to sell a house with a 10-year restriction in the will?

Selling a house with a 10-year restriction in the will may require court approval. As trustees, you and your sibling must adhere to the terms set forth in the will. If the will has been probated, consult with an attorney to explore your options and ensure compliance with the legal requirements. It may be possible to petition the court for permission to sell the property before the restriction expires.

Can I make repairs to a house that is under a 10-year restriction?

Making repairs to a house under a 10-year restriction may also require court approval. As trustees, you and your brother should review the terms of the will and consult with an attorney to determine if repairs are permissible. If allowed, it’s essential to ensure that any improvements are in the best interest of the trust and its beneficiaries.

What are my rights as a trustee regarding property management?

As a trustee, you have the right to manage the property in accordance with the terms of the trust and the will. This includes making decisions about maintenance and finances. However, significant actions, such as refinancing or selling the property, may require court approval, especially if there are restrictions in place. Always act in the best interest of the beneficiaries and consult legal advice when needed.

What should I do if my sibling is not paying taxes on the house?

If your sibling is living in the house without paying taxes, it’s important to address this issue promptly. As trustees, you can establish a rental agreement that includes provisions for tax payments. This agreement can help ensure that your sibling contributes to the financial responsibilities associated with the property. If necessary, consult with a legal professional for guidance on enforcing these obligations.