Legal Question in Wills and Trusts in Illinois
My siblings and I are heirs to a home in Chicago, IL. For the last 3 years, I have been the only one paying the taxes on the property. I recently paid a lump sum in order to prevent another party from purchasing the property. Can I now assume ownership of the property since I am the only one paying the taxes?
2 Answers from Attorneys
Keep track of all of the funds that you spend on the property. Your siblings owe you their fair share. However, advancement of expenses of the property does not automatically entitle you to ownership. If your siblings might be interested in settling their interests on the property, you should talk to a lawyer who can faciliate this.
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No. You should not continue to put money into the property until the issue with your siblings i settled. Your siblings may say they only owe you for the extent to which your contributions increased the sale price or the fair market value. Negotiate for putting title in your name.
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