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)?