Legal Question in Wills and Trusts in Illinois
Mother past away. If myself or 2 siblings would like to purchase a personal item I.E. car,furniture ect. Since 3 of use are named in the will should that person purchase at a third less since they are a third owner anyways or should items be purchased at full price of worth?
Asked on 8/26/10, 7:17 am
2 Answers from Attorneys
Jeffrey R. Gottlieb
Law Offices of Jeffrey R. Gottlieb, LLC
You can structure it in any way that is equitable and that is agreed upon by all the parties. It is generally best to devise a system for distributing personal effects (and to have it in writing) rather than disposing of it piecemeal and then having potential disagreements down the road.
Answered on 8/31/10, 7:24 am
Gregory Turza
Law Offices of Gregory P Turza
Basically, yes. If something is worth $300 and you are buying the other two out then you owe each of them $100 for a total of $200. You don't have to buy your own interest.
Answered on 8/31/10, 7:35 am
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