Legal Question in Real Estate Law in Illinois
Trust and Sale of 2 flat
I'm the executor of my aunts estate-She dies in Feb 2008, Her brother-in-law lives in the two flat and is listed on the title as owning 50% of the building and MArie's Trust the other 50%. In her Trust see states that ''he should be entitled to continue living their for as long as possible.'' If the brother-in-law cannot buy us out or buy the building and all other possibilities have been exhausted can we sile with the courts for a real estate partition or does he hold our Trust hostage and stay in the building until he dies?
2 Answers from Attorneys
Re: Trust and Sale of 2 flat
You need to have an attorney read over the entire trust and deed.
Re: Trust and Sale of 2 flat
I agree with the other attorney (surprisingly): have an attorney look over the paperwork. I'd like to make sure for example that the bro-in-law doesn't have a life estate (which would enable him to stay until he dies). It doesn't sound like he does.
If he doesn't, and you can't agree with him, you may have to go to court if your intent is to sell the building. What does your probate attorney say? "As long as possible" is (to say the least) highly ambiguous.
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