Legal Question in Wills and Trusts in Illinois
Administrator to purchase RE interest
I am an heir and administrator. I want to purchase the interest of other heirs. How can I do this without a conflict of interest? The market has dropped and the assessed value is now lower.
Asked on 2/26/08, 7:47 am
1 Answer from Attorneys
John Steele
Steele Law Firm
Re: Administrator to purchase RE interest
You need to be careful to avoid self dealing. I recommend getting a new appraisal. Also, a release from all parties. You do not want to get sued 5 years from now, by an heir that says you underpaid the estate.
Answered on 2/26/08, 12:21 pm
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