Legal Question in Wills and Trusts in Tennessee
Is it legal to make stipulations in a will that the real property left to a beneficiary must be offered to others receiving real property in the same will and that the 4 people receiving the divided property in the will must offer it to each other before selling to anyone else and the price must be agreed on by the four individuals.
Asked on 11/01/10, 4:30 pm
1 Answer from Attorneys
Dan Scott
Scott Law Group, PC
Its legal but perhaps not advisable. The more you restrict the property the less value it has to the recipient. May want to consider rather htan having the 4 "agree on the price" give them a right to purchase it first. If they don't then the property could be sold. It's often hard to get 4 people to agree on what day it is.
Answered on 11/07/10, 2:51 pm
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