Land Inheritance

[Spazzykittenonmars]

Jurisdiction

Colorado

Hello.

I'll try to keep this simple...

My mom is leaving 40 acres of land to myself and my two siblings. My two siblings are considerably older than I am, so when they pass away do I then share the property with THEIR children (my nieces and nephews) and then what about my own children? I know the problem is complex, sorry.

 

[adjusterjack]

Not only is it complex, it's often a nightmare. Google something like "why it's a bad idea to leave property jointly to siblings" and you'll find tons of horror stories, many from siblings who loved and trusted each other and thought the nightmare could never happen, then it did.

Your Mom is still alive. I suggest you convince her to subdivide the property into 3 equal parcels, now, and leave one parcel to each of you.

 

[Spazzykittenonmars]

We looked into that. It will cost more to subdivide the land than what the land is worth, believe it or not.

 

[Zigner]

We looked into that. It will cost more to subdivide the land than what the land is worth, believe it or not.

Then, perhaps, the better course of action is to order the property sold and the proceeds divided in whatever manner mom desires.

Another option (if you want to avoid dealing with problems) is for you to simply tell mom now that you don't want any part of the property.

EDIT: Another thought: Rather than setting up such a divisive situation, your mom's estate plan should clearly specify what happens if one (or more) of the siblings predecease the others.

 

[Spazzykittenonmars]

Yeah and unfortunately the three siblings hate eachother. I'm having my mom remove my name from this potential nightmare. Thanks.

 

[adjusterjack]

We looked into that. It will cost more to subdivide the land than what the land is worth, believe it or not.

Really? Then 40 acres is worth, what, a few thousand dollars?

Then another alternative is to leave the land to one offspring and leave an equivalent amount of money or other assets to the other offsprings.

Yeah and unfortunately the three siblings hate eachother. I'm having my mom remove my name from this potential nightmare.

Good thinking.

 

[zddoodah]

My mom is leaving 40 acres of land to myself and my two siblings. My two siblings are considerably older than I am, so when they pass away do I then share the property with THEIR children (my nieces and nephews) and then what about my own children?

We have no way of knowing.

For starters, in the hopefully many years between now and the time she dies, your mother may change her mind about what to do with this property. It might even be the case that she'll decide to sell the property before she dies.

Also, one or more of your siblings -- or even you -- might die before your mother dies.

Assuming you and your siblings all survive your mother, it's possible that her estate will need to sell the property to cover estate debt.

If that doesn't happen, then the answer to your question depends on how joint title is transferred to you and your siblings. Will you take title as tenants in common? As joint tenants? Some other way?

You might think about suggesting to your mother that transferring the property to you and your siblings jointly could create a host of problems and that it might be better to sell the property and divide the proceeds amongst her children. Of course, it's ultimately her decision.