When Co-Owners (Siblings) Cannot Decide on Inherited Farmland


When Co-Owners (Siblings) Cannot Decide on Inherited Farmland

 

You would think this situation never happens, but it happens all the time.

 

Mom and Dad pass away and leave a really nice 240-acre farm to five siblings. They leave it undivided, which basically means they are telling the next generation, “You kids figure it out.”

 

In many cases, Mom and Dad did not have the courage, or maybe the heart, to make those decisions while they were still alive. So now the kids are left to work through it.

 

And I can tell you, these situations can get extremely tense.

 

Many times, it pits one sibling against another. One wants to keep the farm. One wants to sell. One may want to farm it. Another may live out of state and just wants their share. Everybody has a different goal, and everybody has an emotional attachment of some kind.

So that brings us to the question: What Do You Do?

 

The first thing you have to do is get an accurate appraisal of the property. You need to know what the farm is worth before anybody can make a good decision.

 

Then someone needs to sit down with all the siblings and find out what each person wants. What are their goals? What are their motivations? What matters most to them?

 

I have done both of those things many times.

 

Once the appraisal is complete and you understand what everybody wants, then you can start working through the options. Maybe two of the siblings buy out the others. Maybe one sibling wants to own a certain parcel and the rest gets sold. Maybe the best answer is to sell the whole farm and divide the proceeds.

 

Every situation is different.

 

My goal, when the process is done, is simple: I want the family to still be able to sit down and have Christmas together.

 

Farmland is valuable, but family is worth more.

Comments

Post a Comment

Popular posts from this blog

A Listening Ear.

Image
  Compassion is a helpful quality in many professions; however, when you think about commercial real estate, compassion may not come to mind.  Let me tell you a story. I was recently asked to visit with a potential seller to discuss a property they were considering putting on the market. Prior to our meeting, I had been briefed on the situation, did some preliminary research, and felt confident I would get the listing and make the sale. When I arrived, the prospect had a different idea. She had just lost her husband, who, according to her, was the face of the business. The conversation centered mostly around the man her husband was, what he meant to her, how much she missed him, and everything he had poured into their business. This woman was looking for a friendly ear, so I listened. How could I not? Towards the end of our visit, we did transition to why I was there and got down to the business of it all. I left with the hope that I was able to provide her with good, ...
Read more

What is Your #1 Wealth?

You might be thinking about all the blessings in your life—your spouse, your kids, your grandkids, your business, or even your investments.   Guess again, buttercup— not even close .   Your number one wealth, hands down, is your health .   Because when your health craters, everything else falls apart . It doesn’t matter how much money you have, how successful you are, or how many people love you—if your health is failing, it consumes your thoughts, drains your energy, and steals your focus. It becomes the only thing you can think about. It overwhelms every other part of your life.   Health is the foundation that everything else is built upon.   And if you’d like to know how I know this firsthand , I’d be more than happy to share my story with you. Shoot me an email or give me a call—both of my contact details are below. I'd love to connect.
Read more

July Newsletter : Power and Impact of Mentors

Image
From: Brad Neihouser The World Headquarters Of Coldwell Banker Commercial In Lafayette, Indiana For the full version of this newsletter, please email me at bneihouser@shook.com Hello, This month we are diving into a heartfelt message regarding mentors. While reading this message, think of mentors you have or had in your lifetime. Power and Impact of Mentors   Almost everyone has had a mentor in life or somewhere in their history. I have had several, but one who recently passed away comes to mind: his name is Robert Wuethrich . To most of you, that name won’t mean much, but to me, he was my music mentor. I love to sing, especially in the gospel quartet I’m a part of. Bob Wuethrich taught us guys who sing in the quartet how to do it right 40-50 years ago, almost to perfection . As many mentors are, he was sometimes aggravating as his favorite saying was “Do it again,” but we learned. We are the singers we are today partly because of Bob Wuethrich’s teaching, encouragement, and pushi...
Read more