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  1. #1
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    Sep 2016
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    Default How to Prevent Heirs Who Receive Shares of Real Estate from Selling Their Shares

    If you want to leave real property to all of your children in equal shares, how can you prevent them from selling their shares so that the land stays in the family?

  2. #2
    Join Date
    Sep 2005
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    Default Re: How to Prevent Heirs Who Receive Shares of Real Estate from Selling Their Shares

    If they directly inherit the real property, then they will be able to sell their shares -- whether to each other or to a third party. When property has multiple owners with equal rights, the biggest disincentive to sale is that a third party is not likely to be willing to pay much for the share.

    If you want to keep the property from being sold at all, then the best approach is to hold it in trust. If the property is held in the name of the trust, only the trustee(s) can sell it.

    With any plan to try to keep real estate in the family, more so if the goal is to keep it in the family for more than one generation, it is beneficial to discuss strategies with an estate planning lawyer. Lots of issues (and conflicts) typically arise over the course of joint ownership.

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