Who is entitled to share in the proceeds of a sale when several beneficiaries of inherited property are dead?
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Who is entitled to share in the proceeds of a sale when several beneficiaries of inherited property are dead?
My mom and dad passed away some time ago and my living siblings and I want to sell the house. I do have 2 deceased siblings. Who is legally able to gain from the sale of the house? Is it just the living brothers and sisters or the living brothers and sisters and the deceased brother and sister’s children, of which there are many. I am hoping just the 4 living brothers and 1 sister are entitled to any profit for the sale of the house since it is only worth $20,000.
Asked on January 8, 2015 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Under the intestacy laws in the state of Ohio - the laws that govern should there be no Will when you pass away - it says that if there is no spouse then children OR THEIR LINEAL DESCENDANTS shall inherit, per stirpes. That means that the children of the deceased siblings will inherit the portion that their parent would have inherited and split that. So 20,000 divided by 7 leaves about $2857 each. Each living sibling would receive that amount and the children of the deceased sibling would share that amount. So if one of the deceased sibling has two children those two would share the $2857. Double check. Good luck.
http://codes.ohio.gov/orc/2105
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