Q: My father passed away February 2021. He left some property to my sister and I. I would like to buy her out.
I am the executor. I offered fair market value.
I have not probated the will yet due to some other deaths in the family. The property is paid for. The land is 7and 3/4 acres in Polk City. It has an old trailer on it but it is not safe to live in. My sister lives in California and I live here in Florida. My interest is due to the fact I go to church close by and have a large dog who would love to run on the land. My sister has not said no but stipulates that if we bought her out she would want in the contract that she, her children, and any offspring forever would have free reign to come and go as they please. I am uncomfortable with that from a liability standpoint. Also only one acre of land is buildable the rest is swampy and marshy. What are your thoughts. I honestly do not want to pay property taxes and maintenance on something I do not own.
A: When you get around to probating the will, you will probably need an attorney; ask your attorney, but partition might be an option. Also, regarding liability, you could require her to pay for liability insurance in your name.
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