selling a part of an inheritance

[catf]

What is the name of your state (only U.S. law)? IL
My aunt died leaving a house in a land trust. The proceeds of the sale of the house are to be divided 50/50 between her 2 sisters. Both are elderly. I am the executor of her will and also the successor trustee of the house. Real estate is moving slow. It is possible that my mom one of the heirs can die before a sale is complete and before she can put the money in a "non-probatable" fund. The money to be received would be sufficient to kick my mom's estate into probate, which she does NOT want to happen. Question: is there any legal way she could sell a PART of her interest in her sister's home (which is a land trust) immediately and leave the remainder of the money (once the home sells) via her will to someone? I know she can disclaim the inheritance, but then the money would pass to her children, two of which she does not wish to give the money.

 

[justalayman]

I don't have an answer but wish to follow this thread and posting in it is the easiest way for me to locate and follow it.



there are some here that are pretty well versed in trusts. Hang on for them.

 

[tranquility]

Your question is too hard. Get your attorney to advise. Yes, rights can be sold. But here, who will buy? If a related party, gift issues will result.

 

[xylene]

I don't get this. I never get this. Probate is NOT evil.

Why the herculean hijinks to avoid probate?

This is a small estate - so tax isn't an issue.

There is of course the issue of her two disinherited children. Does mom think by having no probate that they can't contest her will or cause trouble?

Why do this?

A lawyer really needs to be involved because the reasons behind the intent don't make a whole lot of sense.

What exactly is a "non-probatable" fund?

 

[catf]

Selling a part of an estate

Probate may not be EVIL but it consumes time and energy! It mostly feeds the pockets of the courts and lawyers. I have read several current books and they all advise to avoid probate whenever possible. For lack of a better term, I used "non-probate -able" to cover the situations in which funds are deposited into vehicles, such as CD's, with beneficiaries.

 

[LdiJ]

Probate may not be EVIL but it consumes time and energy! It mostly feeds the pockets of the courts and lawyers. I have read several current books and they all advise to avoid probate whenever possible. For lack of a better term, I used "non-probate -able" to cover the situations in which funds are deposited into vehicles, such as CD's, with beneficiaries.

Probate is in particularly not evil when the result will be a stepped up basis in property.

My mom keeps trying to put us kid's name on her house so we won't have to go through probate. I keep telling her NO...we want the stepped up basis of inheritance rather than a gift, so we WANT to go through probate on the house.