Near Intersection of I-35 & I-90 Southern Mn. | I inherited an undivided fourth of an 80 that my grandmother owned. Grandmother had set up a generation skipping arrangement so my Dad got the income from this land while he was alive. Upon his death, my brothers, sister and I inherited the 80. Since it was an undivided 80 none of us could sell off a particular 20 since it was undivided. We kids out lived Dad so that was not an issue. Our Mother was outlived Dad but she was not involved with Grandmother's piece of land.
I'm not sure what would have happened if any of us children had died before Dad. Possibly the land would have been split between the surviving children at the time Dad died. It doesn't seem like it would work very well for that share to go to a deceased child's estate since that estate might have already been settled.
After Dad's death, I was able to buy one brother's undivided quarter. I was also able to buy my sister's undivided quarter. My other brother did not wish to sell. That meant that I had an undivided 3/4 of the piece and that brother had the other undivided 1/4. I ran the land for a few years and paid him cash rent for his 1/4 or 20 acres. I forget how the property tax bill was listed but I paid 3/4 of it and my brother paid 1/4 of it.
Later in time, I was able to trade that 3/4 or 60 acres with that brother for some other land.
It is great that your children get along with each other at this time and hopefully it will remain that way after your passing. Unfortunately that is rarely the case. Arguments can crop up over about anything. It could be as simple as a picture on the wall or as valuable as a piece of land.
Another idea that my Dad and Mother utilized on the land that they owned together was to will pieces of land to each child. It so happened that they owned 380 acres. There were 300 acres of bare land with the building site on the other 80. Three children received 100 acres of bare land each, with the fourth child receiving the 80 with the buildings. The land was considered of equal value. Dad wanted the land to be continued to be farmed by a member of the family. He did not want any child to be able to sell the land off to an outsider for a high price. Their will contained a "right of first refusal" as I believe it is called. That meant that no child can sell any of the land inherited from Mother and Dad to an outsider unless the remaining siblings agreed to it. The idea was that any sibling desiring to sell the land would need to offer it to a sibling at a sustainable price. Three of the four children were farmers.
Due to an oversight, the arrangement does not prevent a sibling from renting their inherited land out for a high price to an outsider
Since none of your children are interested in farming this is not an issue for you.
Edited by tedbear 3/12/2019 13:34
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Considering changing Will. Getting rid of Undivided interest.
