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Asked 480 days ago by a user from Clearwater, FL
I am the named executor of my father's estate. The estate has finished going through probate and I have signed numerous documents during this process and my brother, sister, and myself are now holding the deed to his house. My siblings want to rent the house and I would prefer to sell it, however I would be willing to go along with them as long as I do not have to continue to be the main person responsible for the house which I have been told is the case since I am the named executor. How can we legally change this to my brother instead?
Once the probate estate proceedings are closed and you have been discharged as P.R. by the court, your responsibility as P.R. has ended. You and your siblings own the property you inherited as Co-Tenants, or Tenants in Common. Each of you has an equal say in the dealings with the commonly owned property. If you and your sister wish your brother to have legal authority to deal with the rental of the property, repairs, ect. you and your sister may give him a limited power of attorney.
One other thought, owning rental property in one's individual name creates potential liability for the landlord for the acts of one of the other owners, tenants, or visitors to the property. You might discuss with your siblings the benefits of transferring the property to a corporation or LLC and operate the leasehold out of that entity, rather than owning it individually.