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Trust/House ?

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Polgirl

Junior Member
What is the name of your state (only U.S. law)? Michigan

I have a house that was given to me through a irrevocable trust. My father continued to live there until his death, he owned 1% and took care of maintaining house and paying taxes. He left no will. He did not assess the house when he deeded it to my family, so I know we take over the cost basis at what he obtained it for. It has been three years since his death. Estate has been paying for maintaining house (and still has a lot of his belongings there for the future estate sale). We lived there for a few years with hopes of staying there, but then work took us elsewhere. So now it is considered a 2nd home for us. Since we have not lived there we also know we will have to pay capital gains taxes. Would like to sell house (no need for it anymore). Siblings want to divide profit (after taxes we pay) amongst everyone. We are thinking of not doing this for many reasons (one being they were beneficiaries of some larget amounts of $ outside of probate and have not said anything about spliting that up).

My questions:
1)If we decide to put the house up for sale, are we obligated to split profit (no contract or agreement was ever made to this)?

and

2)Can we be asked (or sued) to pay back the estate for the for maintaining the house the three years after his death, until the estate was settled by probate (because there was not will, it has taken quite a bit of time to close estate through probate)?

Thanks for any advice.
 



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