Louisiana
The last of my 2 parents died 4 years ago. The Will basically gave all 5 children equal shares, but did not specifically divide anything. The estate basiclally consists of land acreage with a house on it. As one of the heirs, I want to insure that I am not "locked in" to the expense & burden of maintaining a house & the surrounding farmland. For that reason I refuse to form an LLC with my siblings as it would be very difficult to "get out". At least one other sibling agrees with me. A relative (brother-in law) is doing the succession. Are we required to decide NOW before the succession whether the 5 of us will "own it as one" vs physically dividing up the property into 5 pieces? If not, will that be more difficult to accomplish AFTER the succession? How do I allow this succession to proceed but still ensure that I have the freedom to "sell out" if I so choose? If I want to sell out & my siblings do not want to purchase, will I be "stuck" & forced to hang onto my portion of the assets.
The last of my 2 parents died 4 years ago. The Will basically gave all 5 children equal shares, but did not specifically divide anything. The estate basiclally consists of land acreage with a house on it. As one of the heirs, I want to insure that I am not "locked in" to the expense & burden of maintaining a house & the surrounding farmland. For that reason I refuse to form an LLC with my siblings as it would be very difficult to "get out". At least one other sibling agrees with me. A relative (brother-in law) is doing the succession. Are we required to decide NOW before the succession whether the 5 of us will "own it as one" vs physically dividing up the property into 5 pieces? If not, will that be more difficult to accomplish AFTER the succession? How do I allow this succession to proceed but still ensure that I have the freedom to "sell out" if I so choose? If I want to sell out & my siblings do not want to purchase, will I be "stuck" & forced to hang onto my portion of the assets.