Detailed Answer
In Illinois, a minor cannot legally consent to sell or transfer inherited real property. Illinois law provides several pathways to manage or transfer a minor’s interest while protecting their rights and assets.
1. Court-Authorized Guardianship Sale
A parent or interested party may petition the probate court to appoint a guardian of the minor’s estate under the Illinois Probate Act. Once appointed, the guardian can request court approval to sell the minor’s real estate if the sale serves the ward’s best interests and secures a fair price. This process is governed by 755 ILCS 5/11a-18. The court reviews appraisals, sets sale terms, and ensures proceeds remain protected for the minor.
2. Illinois Uniform Transfers to Minors Act (UTMA)
Under the Uniform Transfers to Minors Act (760 ILCS 25), property may be transferred to a custodian for the minor. The custodian holds and manages the property until the minor reaches age 21. At majority, the former minor can sell or transfer the property without court involvement.
3. Formation of a Trust
A decedent’s will or a standalone trust agreement can create a trust under the Illinois Trust Code (760 ILCS 5). A trustee administers or sells the property according to trust terms. Trusts often provide more flexibility and privacy than guardianship.
4. Partition Action for Multiple Heirs
If several heirs share title, any co-owner may file a partition action under 735 ILCS 5/15-1. The court can divide the property (“in kind”) or order a sale. The minor’s share of proceeds then requires protective management, such as guardianship or UTMA custodianship.
Disclaimer: This article provides general information under Illinois law and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation.
Helpful Hints
- File guardianship petitions early to avoid procedural delays.
- Obtain current, independent appraisals before seeking sale approval.
- Use the UTMA to simplify asset management when appropriate.
- Consider trusts for tailored control and distribution.
- Maintain detailed records to satisfy court reporting requirements.