Closing Estate Without Selling Real Property

[daver1]

My question involves estate proceedings in the state of: North Carolina

The north carolina will indicated all land in the estate to be either divided among heirs or sold and proceeds divided. But, real estate pricing is much lower now than at time of death due to poor economy, and the property would be difficult to divide due to shape, road frontage, and wetlands.

1) Would distributing to each heir an interest in the land (for instance, the 4 heirs would each own 25% interest, tenancy in common), then closing the estate, suffice for 'dividing the land' as mentioned by the Will?


2) Could heirs agree to close the estate with each accepting a percentage interest in the land (i.e., versus selling or dividing the land)?

[Mr. Knowitall]

If the estate has satisfied all of its obligations, the only asset left is the land, and all of the siblings are willing to be joint tenants with equal (25%) ownership, that's possible. But I suggest having a lawyer draft up a contract dictating (a) use, (b) payment of costs, upkeep, taxes, insurance, etc., (c) what happens if somebody fails to pay, (d) what happens if somebody wants to sell their share, rights of first refusal and how the share might be valued if it is to be sold to the others, (e) what happens if a joint tenant dies and somebody inherits that person's share (or the estate sells it to a stranger), (f) anything else the four of you and your lawyer deem appropriate.