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allen319 | How does joint or co-ownership of a farm work in terms of decision making? |
My wife and her 3 sisters will be inheriting 160 acreas of farm land. Since there are actually 2 farms, 120 acres of good land and 40 acres of mediocre land, the trust is set up for each sister to own a 25% share of all the farms. There is serious fighting going on with one of the sisters. Unfortunately, it is her husband that currently farms the land. How are decisions made in this type of arrangement? What if the other three sisters want to get another farmer to farm the land or sell their portion of ownership? How does this work? |
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thetoothfairyiscreepy
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SEEK LEGAL ADVICE IMMEDIATELY, BEFORE SIGNING ANYTHING!!!
This sounds like a very difficult problem for you to all solve between yourselves. Find out if there is an amicable legal way to remedy this situation, and also have a lawyer explain who has "how much" or "ultimate" say-so, and have this all drawn up and filed. this will help you out later on!
have a great holiday! |
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campana
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LAWYERS |
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robert w
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GoodDay, CONTACT LAWYER, your wife will be burned.
If wife has emotional tie to land have her take pictures & grab a shovel of dirt or two. When the inheritance settles,
nicely w/o lawyers ask the others to buy her out at a fair market value, a couple of times over six months nicely. Should this not be acceptable , lawyers then can ask for a forced open sale. May i suggest DaveRamsey.com .
This site has helped me avoid some seriopus bull droppings. Your wife will get the short end of the stick on this deal if she doesn't act proactivly.
Give her hugs during this process, she'll need them. |
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stillhappy89
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just vote .....can't sell till title is split to land or have to sell all |
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rollieoolie
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make a contract when they all inherit the property, might be a good idea to have a lawyer to do it, but if you cant afford that, write one up and have it signed by a notary. In the contract state, all decisions must be by all owners. Same with selling. If one wants out, everyone must agree, This is really the easiest way to do things without people getting offended or upset.
and as for working on the farm, itself, i wouldnt unless one person from each ownership does a fair share. im sure you can understand why, i would hire non related people |
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scottFL007
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It sounds like a nightmare in the making. Personally, I'd offer to take the 40 acres of mediocre land, just to avoid the infighting. But that's just me. |
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melvin m
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Unfourtunetly greed will suck the foolish and screw the other parts of the family. If they can't compomise quickly on a settlement among themselves which is the best solution then proceed with an attorney with the rest of the family that is together. Obviously the court will end up handling the deal and selling it all and dividing it as intended. The faster the better because the hard feelings will come and the spite will start . Who's going to pay the tax's? Mortgage? electric? upkeep?insurance?grasscutting?oil?gas?et... Have the one sister buy the others out for fair market value determined by the average of 3 seperate real estate appraissels if she and hubby want the farm. . If there is no compromise with full trust divide it all as intended to end future family headackes and quarrels. Whoever wants a farm can go buy there own with there proceeds or there own funding! |
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Chuong Seng Ly
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Divide equally by two. |
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Humanist
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Have some regard for the person who is now farming the land. |
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