A parcener is an individual who inherits an estate jointly with others and possesses it as a whole. This implies that they have shared ownership of the property with others, but each person has the right to their specific portion of the property. For instance, if a father passes away and bequeaths his estate to his two daughters, they become coparceners and each possess half of the property. If one of the daughters passes away, her portion of the property will be transferred to her own heirs or devisee, rather than the surviving daughter. Coparceners have unity of title, interest, and possession, but their estate is not subject to the principle of survivorship.
A parcener, also referred to as a coparcener, is an individual who inherits an estate alongside others and possesses it as a unified estate. This implies that they have equal ownership and enjoy the same rights to the property. For instance, if a father passes away and bequeaths his estate to his two daughters, they become coparceners. Both of them possess equal rights to the property and must jointly make decisions concerning it. It is important to note that coparceners differ from joint tenants and tenants in common. Although they share unity of title, interest, and possession like joint tenants, their estate is not subject to the principle of survivorship. Consequently, if one coparcener passes away, their portion of the property is transferred to their heirs or devisee, rather than to the surviving coparceners.
A parcener is a person who inherits property from a deceased relative, typically a parent or sibling, and shares ownership of the property with other parceners.
Property is typically divided equally among parceners, unless otherwise specified in a will or other legal document.
Yes, a parcener can sell their share of the property, but the other parceners have the right of first refusal to purchase it.
If one parcener wants to sell the property but the others do not, they may need to seek a legal remedy such as a partition action to force the sale of the property and divide the proceeds among the parceners.
In most cases, a parcener cannot be forced to leave the property unless there is a legal reason such as non-payment of expenses or a breach of the terms of co-ownership.
Major changes to the property typically require the consent of all parceners, but minor changes may be allowed depending on the specific circumstances and any agreements in place.
If a parcener dies, their share of the property typically passes to their heirs or beneficiaries according to their will or the laws of intestate succession.
In general, a parcener is only responsible for the debts of the property to the extent of their ownership share, unless they have personally guaranteed the debts.
In some cases, a parcener may be able to force the sale of the property through legal action if there is a valid reason for doing so, such as a breakdown in co-ownership.
The tax implications of being a parcener can vary depending on the specific circumstances and the laws of the jurisdiction, so it is important to seek advice from a tax professional.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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