Legal Question in Wills and Trusts in Mississippi

Agreement on selling assets

There are six heirs in the family. Five of the heirs agreed to sale the house and land to one of the five heirs at an appraised value of the property (the appraisal was by advice of counsel). One family member is not in agreement with the appraised value. The one heir obtained a second appraisal and is much higher than the original appraisal. His attorney informed him that he could block the sale of the property based on his appraisal value. Has both parties been advised properly? What is your legal advice for the party of five heirs? Thank you in advance for your response.


Asked on 8/12/03, 11:02 pm

1 Answer from Attorneys
Austin Nimocks Austin R. Nimocks & Associates, P.L.L.C.

Re: Agreement on selling assets

If the property is in an estate, one heir cannot unilaterally block the sale. The court can still approve a sale, without the approval of the 6th heir, if the court believes the sale is in the best interests of the estate. The 6th heir can object and the court will have to consider that objection. However, for the sale to be approved by the court, you'll have to show the court that the higher appraisal is improper or incorrect. Otherwise, more money is always in the best interests of the estate. If the property is not in an estate and all 6 heirs now own it, the 6th heir can block the sale. Moreover, the 6th heir can file a complaint to partition the property, sell it off by court-ordered auction, and split the proceeds amongst the owners. My advice to the 5 heirs is to consider the 6th heir's appraisal, renegotiate the sales price and find a number with which everyone can live.

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Answered on 8/12/03, 11:34 pm


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