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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53669
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My mom owns a property in wisconsin. She lives in il. The

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My mom owns a property in wisconsin. She lives in il. The property has three owners. How does she leave her share to her three children. All of the children live in il. All three children would have 1/3 of her share. All three children would equally share any assets Should she have it in an llc and add her children on it now. One of the other three owners has an llc. she had a will made probably 25-30 years ago but can't find it. She never had anything written specific about the cabins and

RE Att. & Developer :

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

RE Att. & Developer :

Hi there.

Good afternoon. When you have shared ownership of real property, it is generally a good idea to put title in an LLC and then address the ownership and management of the property in the operating agreement of the LLC. Another alternative is a trust. Otherwise: i)any major, financing, etc. requires the consent of all owners; ii) the succession ownership upon death and/or divorce can be uncertain; and iii) any owner can force the sale of the property by suit for partition if one owner wants to sell and the others won't agree or won't buy that owner's interest. This can all be resolved in an LLC operating agreement or trust agreement where you can have centralized management, a waiver of partition rights, and an orderly ownership succession upon death and/or divorce.

RE Att. & Developer :

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

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