Legal Question in Wills and Trusts in Illinois

Best way to buy the house
My grandmother died 30 years ago. In her will she left her home to my mother, her twin sister and her oldest daughter. However, the will stated that the oldest daughter could live in the house for as long as she maintained the house she could stay their for her life if she wished. It stipulated that should she leave it ..after 6 months it would be my mother's twin sister job to be executor and sell the house. The sale money is to be divided three ways. Currently, the oldest sister is 91 and has been placed in a nursing home. The house was never maintained and is in disrepair. It is going to be sold at auction the end of Oct.... My mother's 7 children wish to bid for the house at auction. How is the best way to form a company or etc. so that we each can put in shares of money for the purchase and the maintance of the property. The house has a total of 6 acres. Three which are farmed in soybeans, which income pays the taxes of the property.

Asked on 10/03/06, 9:13 pm

0 users found helpful

0 attorneys agreed

Re: Best way to buy the house

As I understand it, upon the event of your aunt failing to maintain the house, it is to be sold, with the proceeds split between the 3 siblings.

If there are ready buyers (you and your siblings), why does the house need to be auctioned? Is it being sold for back taxes or foreclosed on?

My next question would be whether there are cousins of yours who would also have an interest in purchasing the house and land.

Please feel free to contact me. The information you give in your posting is not quite enough to give you an answer.

Answered on 10/03/06, 11:37 pm

Keywords

Match Any Match All

Country

State

Area of Law