Learn How To Divide A Large Piece Of Property As Inheritance For Your Children

31 October 2017
 Categories: , Blog

When you have a large piece of land that you plan to leave to your children when you pass away, it is important to properly plan to ensure that the children do not fight about what they are entitled to after you die. Meeting with a real estate attorney and retaining wills attorney services to make sure that everything is clearly listed in writing will ensure that there is nothing for the children to fight about. The following guide walks you through the different ways that the real estate attorney can help you make the process as easy as it can be for you.

Help You Determine the Property Lines

When you have a large piece of property that has been handed down from generation to generation, there are many times when the property lines for the land can become muddled if people do not have them established every few years. The real estate attorney will be able to help you find a surveyor that will be able to determine exactly where the property lines are so that you can accurately divide it among your children.

Determine How You Want the Property Divided

Next, you need to consider how you want the property divided. Consider if you want all of your children to have the same exact amount of land or if you feel that one child should have more of the land than the other children. If you know that you have a child that wants to have their own farm, you may want to give them more land than a child who will simply sell the land when they inherit it. You may want to talk to the children before dividing the property to see if one of them would rather inherit a collection you have or your vehicles rather than the land. That will help you to make sure that your property stays in your family for as long as possible.

Have the Property Reassessed Accounting for the Division

The real estate attorney can help you have the property assessed for the new property lines so that your children can know what the property is worth upon your passing. This is important because they may have to pay property taxes on the property depending on where it is located. If one of your children cannot afford to pay the property taxes, they may choose to sell their property to a sibling who can.

When you hire a real estate attorney, he or she will take care of all of the logistics of the land division. Everything will be legally binding so that you do not have to worry about the land, causing a division in the family after you pass away.