Dividing Inherited Property?

[whitetailfanatic]

Lip also see if she'll let you have 1st right or refusal to purchase her half if she or the siblings ever decide to sell their 1/2.
Also I choose property without the trailer

[The Real CWB]

Can you just transfer the deed for all the land into both of your names as 50% undivided interest owners of the land? Maybe set up a trust or something? It sounds like you and your sister are both on board with allowing each other free run of and access to the whole property, so why draw up separate deeds? If the only purpose of the fence is to move cattle from side to the other for grazing then just come up with a mutually agreeable fence line and build the fence. It seems to me that splitting the property into individual parcels could be the cause of problems between families in the future.

[texansfan]

It might also be good for the two of you to have an informal letter agreement setting forth that (for example) you understand the pond is on one side, there is a mobile home on one side, etc. - that way, your heirs will know that you took all of that into consideration when you made your agreement and one of you didn't cheat the other in some way.

I'm dealing with this right now.
Over a handful of acres.
Had to deal with my grandfather, his siblings and somehow someone getting their nutz put in a vice back in 1971 to agree to terms of a family land division.

This all happened before I was born but my cousin swears she was in the room when it all happened so therefore I should give her four acres to repay how my grandparents did her father.

I'm like nowhere in these legal documents does it say his nutz was in a vice so I can't give you any acres.

So now we have a little bad blood spilled.
Keep in mind I just met this cousin two years ago.

[texansfan]

Yes I have a real question. You advise him to get deeds, but not have them prepared by a lawyer(s). So my real question is, who's going to prepare them?


I think most of the people on here arguing against getting lawyers involved are assuming that you're talking about thousands and thousands of dollars in cost when lawyers get involved. Assuming everything is as clean as Lip states, that simply would not be the case, at least in my own practice and I'm sure other lawyers' practices as well.

I'm gong to guess about $1k in lawyers fees.
If the Will had not been probated yet then add more.
Each deed will run about $15 and he needs at least two of them so $300, but then the lawyer will want extra time to review the case to make sure s/he is doing the deeds correctly.

Then you need a survey $$$
Then partition the land and file with county $$$

So budget $1k and he should be safe

Of course he can get a TBH attorney to do it probono or a case of Shiner but that's another situation.

[Grayson]

Can you just transfer the deed for all the land into both of your names as 50% undivided interest owners of the land? Maybe set up a trust or something? It sounds like you and your sister are both on board with allowing each other free run of and access to the whole property, so why draw up separate deeds? If the only purpose of the fence is to move cattle from side to the other for grazing then just come up with a mutually agreeable fence line and build the fence. It seems to me that splitting the property into individual parcels could be the cause of problems between families in the future.

No. In fact, the opposite is true. Keeping it undivided is what's going to cause problems after Lip and/or sister are gone. Ask me, the Crippler, and the other attorneys on this thread how we know. Because some of us deal with it every day in our practices.

[Lip]

Of course he can get a TBH attorney to do it probono or a case of Shiner but that's another situation.

Haven't seen that offer yet but as far as legal fees, I have legal services for items like this provided as a benefit through work. Sounds like what I need is a surveyor. I just wasn't sure where I needed to start. Unfortunately the surveyor who did the previous survey passed away a few years ago. We'll get it surveyed with a line splitting it and go from there. Splitting the land is the easy part. The description of mineral rights is crazy. That will be the fun part.

As far as selling, she has no desire to sell. I could be talked into selling for the right price but she wouldn't pay what I think it's worth so the sell option would be split and sell my part. We aren't in a position where we need the money so I don't see any reason to sell, especially with the stock market doing what it's doing, land should be a decent investment and if we build a house, it should increase in value over time as well. If we ever need to sell or if our family gets tired of going up there, we can sell at that time.

[Tmag]

You got this Lip!

[Killer]

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[IOWA BOW HUNTER]

Well if your close to her (good relationship) i would try to buy the land from her or share it as long as you still get to walk on here half. If you guys have a bad relationship I would buy the land from her or just sell it lol.

[Burnadell]

Well if your close to her (good relationship) i would try to buy the land from her or share it as long as you still get to walk on here half. If you guys have a bad relationship I would buy the land from her or just sell it lol.

Didn't read all of his posts, huh?

[Horsefly]

Good problem to halve.

Excellent!