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north central iowa | Am considering changing our will which now sets up a Trust at death that would leave the land to our three children. This would mean they would each own a one third undivided interest in the land in its entirety.
Have considered changing to a plan that would give each of the children a farm of their own when both my wife and I are gone. They would each also own an undivided interest in the home farm.
The down side would be probate and the additional costs associated with that. The upside would be that they would not be tied together on all the land but would have the opportunity to sell their own farm if they wanted.
Our kids are adults and get along pretty well at this point. My wife and I would like that to continue after we're gone.
None of them are interested in farming the land at this point, and I don't anticipate that they will. They are all doing fairly well in their current professions.
Edited by yathink 3/12/2019 19:18
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Considering changing Will. Getting rid of Undivided interest.
