Q: Sister & I inherited real property in MD 50/50. Can I relinquish my 50% to sister w/out filing a deed?
My sister is executor. Currently in probate with Will. I want to relinquish any/all right in favor of sister (in gratitude for mother's care, and I want avoid any responsibility for this property). What is required: Deed to be recorded; gift my 50% to her (OUCH gift tax); notarized relinquishment statement? We don't want to sell and she can't afford to buy me out.
A: Heirs to an estate can, by mutual agreement, settle property distributions under the Will, even if the settlement changes what each heir is supposed to receive under the Will. A lawyer can help you work this out. It is not difficult.
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