Daily Local News (West Chester, PA)
Property owner’s death complicates snowbirds’ winter plans
DEAR BRUCE: We are snowbirds from New York. We rented a place in Florida in March 2016, and paid the owner the rent up for the next season. He made us sign a lease and gave us the keys. He also let us put our winter belongings in the unit and shed.
Sometime in April he died. Nobody in his family let us know until two weeks ago. His family is saying that they cannot rent the place because it is in probate. They say they are going to return our money. That leaves us without a place to live come winter and without all of our stuff. Can we do anything about this? The family of the owner that passed away lives in Michigan. Do we have any rights? -- P.B.
DEAR P.B.: With regards to the owner’s death, you still have a lease, and the property is yours with all the rights and privileges attendant to that type of transaction. You might write or call the family and explain again that they have a responsibility because of the lease you have.
If they respond in the negative, by all means, hire an attorney. It’s very possible that you might not only be granted the use of the property per the lease, but they may also be required to meet your legal expenses.
DEAR BRUCE: In the late 1970s and early 1980s, we gave each of our three children a $10,000 interest-free loan for the purchase of three homes in California, with the understanding that if and when they sold their homes, they would repay us. Two of the three did indeed sell within five years, and the loans were repaid. The third, however, has never sold, is still living in the original home and, therefore, has never repaid us.
We are in the process of making out a new will and getting our estate in order and are unsure of how to proceed. Given the devaluation of the dollar since 1979, and the fact that this property has increased in value, what do you feel would be a fair and equitable division of our assets among the three? -- R.A.
DEAR R.A: Apparently there was no time period in the arrangement you made with the kids; the terms were that they pay back the loan when they sell. In my opinion, for the relatively modest amount of money, I would just go back to your kid and say you still expect to be paid when the house is sold. As to working out the nickels and dimes in terms of devaluation and property value, I would forget it! I would make it as simple as possible.