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re: Living on a ranch in south Texas far from the city
Posted on 9/26/22 at 12:33 pm to justaniceguy
Posted on 9/26/22 at 12:33 pm to justaniceguy
quote:
Yea there is no chance I would ever sell it
Unfortunately, at this time, it is not yours to keep or sell. The more people involved, the more of a shitshow it can become. Don't ever assume it will be an easy transition, you may want to get some assurances before you commit to living out there. I'd even get your family to an estate planner to discuss transitioning down the road.
Money makes people do crazy things.
My mother in law put their 2 ranches in West Texas in a trust after the FIL died. The only suggestion I had was an independent executor to preeminently strike down the cluster of the siblings being co executors of the estate. Be prepared to buy people out if it's what you really want.
2
Posted on 9/26/22 at 12:37 pm to rltiger
quote:
Be prepared to buy people out if it's what you really want.
That is my plan if it comes down to it. I am fairly certain nobody in our family would sell it to an outsider as they are all pretty involved and not desperate for money.
Edit: my family is all super close so assuming I don’t inherit if I am fairly certain they would still let me live there, especially if I built a third house on the property and did general upkeep.
This post was edited on 9/26/22 at 12:39 pm
Posted on 9/26/22 at 3:31 pm to rltiger
quote:
Unfortunately, at this time, it is not yours to keep or sell. The more people involved, the more of a shitshow it can become. Don't ever assume it will be an easy transition, you may want to get some assurances before you commit to living out there. I'd even get your family to an estate planner to discuss transitioning down the road.
Money makes people do crazy things.
Very wise advice. It is rare that a ranch gets passed down intact more than 1 generation. When it gets down to 2nd or 3rd generation, there are usually relatives that want to sell. Or, the cousins don't get along so that partition the ranch into smaller ranches so each cousin will have 100% ownership of a smaller ranch.
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