Legal Question in Wills and Trusts in Illinois
probate law
You have a will that says 7 heirs are to share in one inheritated home, the house goes on sale, buyers agree to pay 27,000 over the appraised value. Five heirs sign the land trust agreement and agree to sell the house. Two heirs refuse to sign and sell, the two heirs also refuse to pay for any maintenance of said property. The buyers walk away from the deal taking their 10,000 dollar earnest money with them. Can the five heirs and also creditors sue the two heirs for lost money from land sale
2 Answers from Attorneys
Re: probate law
Unfortunately, this type of situation happens quite often.
You and the others who want to sell the property have to find out why the other 2 don't want to sell.
If they want to keep the property, then they should find a way to buy the rest of you out.
If they want to hold out for a higher price (which sounds like it would be unreasonable) then suggest that they secure their own appraisal.
You might also consider buying out their shares so you don't have this problem again with the next buyer.
If all else fails, turn to the probate court to approve the next offer on the property.
Good luck to you.
Re: probate law
If there is a "land trust", you cannot force the other heirs to sell under any circumstances.
The property does not pass according to the will, it passes according to the land trust.
You need to make a deal with these people so you can get them off of ownership.
Otherwise, this is going to be a long costly drain.
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