Quincy, IL asked in Real Estate Law for Illinois

Q: How do we establish property percentage of ownership?

My siblings and I were given a property to act as our inheritance. The property has no mortgage and we are all listed as owners on the deed. We did not establish an LLC nor have we determined a percentage of ownership - I think it was assumed to be 1/3, 1/3, 1/3. However, my siblings live nowhere close and haven't done anything to establish a vested ownership in the property. Am I am to argue a larger percentage of ownership?

Related Topics:
2 Lawyer Answers
Robert Shipley
Robert Shipley
PREMIUM
Answered
  • Chicago, IL
  • Licensed in Illinois

A: Based upon your description you and your siblings have an equal ownerhip percentage. For that to change would require the consent of your siblings and depending on what the usage of the property, it may be appropriate to consider forming an LLC. It would be best to consult with an attorney whose practice is concentrated in real estate law.

James Kottaras
James Kottaras
PREMIUM
Answered
  • Chicago, IL
  • Licensed in Illinois

A: Generally speaking, in Illinois, unless there is language to the contrary in the Will, the interests in the property are presumed to have been distributed equally (or "per stirpes") to the heirs.

However, if you have contributed a disproportionate amount to maintain the property, pay RE taxes, etc, you may want to consider filing a "partition" action to have a Court determine a fair and equitable distribution of any interest in the property or any proceeds from a sale. However, this could become costly in fees and court costs and it is always better to try to work out an amicable arrangement with your family members.

You should consult with a knowledgeable attorney practicing real estate and/or wills & estates to review the Will and for more specific legal advice.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.