jstsmhlpls
Junior Member
What is the name of your state (only U.S. law)? Indiana.
When my parents died they left an estate of real estate consisiting of a home and farm ground with an appraised value of $400,000. There are 4 heirs named in the will to share equally. We are getting ready to close the probate and are trying to decide what to do with the property. 2 heirs live close and want to keep it as a family farm and have been using the property as a weekend retreat and for recreation. No one has a problem with that so far. The 2 heirs that don't live near the farm and would get very little use from it want to sell their interest. The 2 heirs that want to keep it all together say that they cannot afford to buy the other 2 out. All have agreed that the $400,000 is a correct value and 3 of the 4 do not want someone out side the family to own the property.
1. Should we close the probate and then approache the problem as 4 equal owners or get this settled before we close?
2. In Indiana, can a court make heirs sell or split up property if they cannot come to an agreement? This property could be split up into equal shares.
When my parents died they left an estate of real estate consisiting of a home and farm ground with an appraised value of $400,000. There are 4 heirs named in the will to share equally. We are getting ready to close the probate and are trying to decide what to do with the property. 2 heirs live close and want to keep it as a family farm and have been using the property as a weekend retreat and for recreation. No one has a problem with that so far. The 2 heirs that don't live near the farm and would get very little use from it want to sell their interest. The 2 heirs that want to keep it all together say that they cannot afford to buy the other 2 out. All have agreed that the $400,000 is a correct value and 3 of the 4 do not want someone out side the family to own the property.
1. Should we close the probate and then approache the problem as 4 equal owners or get this settled before we close?
2. In Indiana, can a court make heirs sell or split up property if they cannot come to an agreement? This property could be split up into equal shares.