Legal Question in Wills and Trusts in Alabama
Can land be traded
If a will states that a person can't sell land that we received, without first offering it at a fair price to other family members, can the land be traded to someone outside the family instead? Is trading it the same as selling it, since no money was exchanged? Someone in my family wants to trade land with someone outside the family instead of having to sell it to one of us. Just curious if they can or not.
1 Answer from Attorneys
Re: Can land be traded
I hate to tell you this but it all depends upon the exact language in the will that you are referring to. In some instances an outright bequest might be couched in terms of what the person would like to see happen (and in that case there is nothing legally binding upon the recipient) but in other cases the restriction actually attaches to the real estate and would have impact on the transfer. Additionally, the exact language would control whether a transfer for value is included or whether it would apply strictly and only to a sale. You need to pay a lawyer for a consultation. It will save you a lot of time and be worth every penny.
Good luck!
William G. Nolan
www.NolanElderLaw.com
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