Do I have to accept an inheritance of property? What if I find out that a Florida property that I am inheriting is contaminated? What if I do not want the property that I am supposed to inherit as the beneficiary of a Florida will?
Why Wouldn’t I Want My Inheritance?
- Usually, being the beneficiary of a Florida will or Florida trust is great.
- Why wouldn’t I want to inherit property or other valuables?
- However, in certain instances, inheriting property can cause unexpected havoc.
- For example, property that is extremely polluted may require professional clean up.
- In some cases, this may be a simple task.
- However, probate litigators West Palm Beach know that inheriting a polluted property can also be extremely stressful and expensive.
- Once you decide to inherit a contaminated Florida property, you may be subject to liabilties.
- Therefore, you should contact a trust and estates lawyer BEFORE you inherit the property.
- Florida trust and estates litigators know that you can refuse to accept an inheritance by disclaiming it.
- According to Florida probate litigation, who gets the property if I disclaim it?
- The gift will be offered to the next beneficiary that would have received it if you were nonexistent or deceased.
- Check out this New York Times article about an attorney and her family, in the Los Angeles area, who inherited contaminated property.
Toxic Succession
- What is toxic succession?
- Toxic succession is when “a property is passed on with environmental liabilities that could end up costing the inheritor more than it’s worth.”
- Here, an attorney and her family inherited contaminated property and were held responsible for the clean up of it.
- If they did not clean it up, they could not sell it.
- They spent over a million dollars, over the course of seven years, in cleanup fees.
- In addition, having to clean up the property cost them at least a million dollars in lost rent revenue.
- After the property was sold, the inheritors learned that, if the pollution ever returned, they would, again, be responsible for the clean up.
- Why would the inheritors be responsible for clean up after they sold the property?
- What can you do if you discover that you inherited a contaminated property?
- Are you responsible for the cleanup of that property for the rest of your life?
- The article gives three suggestions: (1) Sell the property during the owner’s lifetime because future liabilities end upon that person’s death. (2) Put the property into a seperate trust with a corporate trustee. (3) Have all of the inheritors disclaim the property so that it goes to the state.
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