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:
- State: Maryland
Answer:
It is possible that the 10 year provision is enforceable since it does not preclude you from selling it forever. This is a condition or restriction. It should not prohibit you from refinancing unless there is language to that effect. You mention you and brother are trustees and the provision is in a Will so we assume the Will has been probated. If the Probate is still open you might consider getting approval from the Court to refinance. The taxes definitely need to be paid. If one is living there it should probably be under a rental agreement that provides taxes will be paid and money paid 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.