Everyone wants Granny’s Land…
but no one wants the responsibility of the upkeep.
Everyone wants Granny’s land and no one wants the responsibility of the upkeep.
SET YOUR FAMILY UP FOR SUCCESS
In many states the transfer – even though by inheritance – may trigger a reassessment that causes the land’s taxes to be higher for the new owner.
Oftentimes family members do not share the same values, goals and desires when it comes to inherited property. This is because two people, even if they share the same goals for the land when they acquire it, may, as times goes on, develop goals for the property that may conflict with the norm.
Also, in some cases if the Will is not written correctly can cause issues for all.
Re-evaluating a Will to have the proper language is paramount in resolving a Will dispute prior to death is the key to reduce family conflict after death.
The passing of land to heirs under a will or to surviving joint tenants after a family member dies, creates the potential for a dispute over the future management and ownership of the land. The emotional ‘baggage’ that every family has the potential to create family members to differ on what the deceased parent wanted with respect to the property and the heirs themselves may carry longstanding resentments into their new relationship as co-owners of their parents family home or vacation property.
Although many families can amicably deal with these issues including making consensual decisions on the sale or continued joint ownership of land, some do not with the result that disputes cannot be resolved without the assistance and guidance of a Real Estate lawyer.
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