there is a property that due to its location and topography cannot be easily equitably paritioned among its 5 legal heirs.
one of the legal heirs is in want of money, but no buyer is forthcoming to buy the entire plot, and no heir is willing to sell at distress prices.
one suggestion to deal with the situation is to create a private limited company with all 5 legal heirs becoming share holders and each getting, say, 1000 shares each.
then transfer the property to the company
then the person in need can sell shares of the company to any other legal heir so that their financial needs are met.
also if and when the sale materialises, the proceeds can be apportioned as per share holding.
i have considered other alternatives, like transferring part of the unpartitioned area of one legal heir to another, or creating a will. but am leaning towards the pvt company solution.
any opinions welcome.
