I was named executor and trustee of my fathers estate. He owned as a sole proprietor 216 apartment units all put in a living trust which is suppose to be distributed to his heirs (4) including myself. No one can agree on how the properties should be run, nor agree on a sale. Is a partician lawsuit the only answer? My husband made a written offer to buy which 2 siblings refused and 1 accepted. The Trust attorney said I could not force the sale because it is not arms length.
1 Answer from Attorneys
Re: Partician lawsuite
Depending upon the terms of the will and trust agreement you may be able to sell the real estate out of the Estate - if a proper power of sale exists. Otherwise you will need to file a partition suit where any of the owners can buy it for its appraised value or let it go to sheriff's sale and split the proceeds. Depending upon how the apartment units are layed out there may be a possibility of splitting the units into 4 separate parcels thereby allowing each brother 54 units.
If I can be of assistance in this matter feel free to contact me.