Want to sell a jointly owned inherited farm, but my sister wants to keep it

K

Kilsywilsy

New Member
Messages
4
Hi my sister and I have inherited land jointly between us. We now are thinking it's best we sell it which we agree on but my sister has mentioned splitting it with our kids she has 4 boys late twenties early 30s and I have two ages 6 and 7.
There is a ten Yr age gap between my sister and I.
Im not really in favour of this as I think it should be split 50/50 between just us and look out for our own children with out share.
Iv a mortgage which I hope to clear with the sale I still need to work for their future.
MY sister doesn't work only her husband and they have their mortgage paid off why bring our kids into the whole thing. I really don't want to fall out over this
 
Kilsywilsy said:
my sister has mentioned splitting it with our kids
Click to expand...

If your sister wants to give it to her 4 kids, let her buy out your share in it.

Otherwise sell it.

Ask your sister "If you have €400k to help your kids, and you offered them €100k each or that you would buy a farm that they would jointly own, which do you think they would go for?"

It's a problem owning a farm between brother and sister.

Imagine the potential problems if it's owned by 6 people.

Brendan
 
Be very clear with your sister that you will each take your 50% and will then each of decide what to do with it.

Note the tax situation, if you did what she proposed you would be inheriting 50% and then gifting some of it to your nephews, potentially incurring tax depending on the amount of the inheritance.

And who is to say your family is complete? You might have surprise twins next year!
 
You legally own the farm 50/50 so if it is sold, you get 50% of the proceeds. Your sister cant change that . She is asking you to give her kids some of your inheritance. I know you dont want to fall out but you shouldnt give in to this

Best to respond neutrally and state that. The sale would have to be done with a solictor and they woudl be obliged to give you both your legal share
 
Wow, she has some cheek if the farm was left to you both. Tell her it's not an option to change the will of a deceased person so adding the kids into the mix is not even possible. Point out that she is effectively asking you to give her kids money, that it won't be from their grandparent. If your parent had wanted the grandkids to have a direct share of their estate they would have put that in their will. It's absolutely not up to you to fund her kids.
 
You have both agreed to sell the farm which is positive. You can just say to your sister that you will discuss what to do with the money when the sale is complete and everything paid out. Then if she brings it up keep saying you need to wait until you know the exact money you will be dealing with.

Once you have the money in your bank account have the conversation with the sister, Then simply say, I talked it over with my spouse and since our kids are so young we are going to wait until they are past college to see what their situation is like and make a decision then on whether to give them a gift or not, but feel free to go ahead and gift your 4 kids whatever you like from your share.

If she pushes back and says it should be divided 6 ways you say you have been thinking about your parents wishes and feel you need to stick with their wish that you get 50%, or say you discussed it with your spouse and they are in favour of using the money for your family welfare and future only. Usually spouses are good sports about being the fall guy in family situations like this.

But the main thing is get the money into your account before having a serious conversation about it, and then your sister can say anything she likes but you can make whatever excuse you feel like for a quiet life. If she keeps bringing it up you can say, it is very weird that you are so interested in what I do with the money I inherited from our parents, can we just not talk money any more as I want to have happy memories of our parents and not think of them causing this weird thing between us.
 
Thank you all for your replys. Yes it's not fair to suggest this of me it's left to us both in the will but I know it's her husband that's behind this idea he more than likely put her up to saying it as he knows I don't particularly like him him that much he has caused trouble between us in the past. She babysits my kids also after school while I work but I pay her for this. Just hope it don't rattle their cage when I stand my ground
 
Kilsywilsy said:
. Just hope it don't rattle their cage when I stand my ground
Click to expand...
So what if it does. This is not your concern. What if you have more children. Based on what you've written I'd be moving forthwith for a sale. Your sister can then buy your share or it must be sold so you get your share.

Don't get into argy bargy on it, just say you want your share and say nothing else.

On a side note, blaming her husband is classic, she has her own agency and she is the one put this outrageous suggestion to you. Your parents would be very disappointed.
 
Not to be catastrophising but if it is like this is at the early stage I would consider what might happen if this causes you guys to fall out and what that might mean for both your relationship and the childcare arrangement (which given the ages of your children might you would expect to last for some time to come). Don't feel pressured by other factors on this, childcare can be sorted elsewhere and if family members wish to fall out over money then that is their prerogative.

Your family (spouse and kids) and the ones to prioritise, and I would not be considering giving grown adult men presumably already through education a potentially taxable gift over my own kids who have a lot of expensive years ahead of them. And your sister doesn't need to know what you do with the money, pay off your mortgage and divert the savings for education or use the lump sum for education or whatever you chose to do, your private financial affairs are just that, private.
 
Kilsywilsy said:
my sister and I have inherited land jointly between us. We now are thinking it's best we sell it
Click to expand...

Can the land be legally separated so that you own one half and she owns the other half?

Then she can give her share to her 4 kids and let them fight over it.

You sell your share and do as you please with the cash.

I know nothing about land and maybe a bigger parcel would get a higher price than two smaller parcels.

Brendan
 
is she potentially thinking some of the land could be given to her kids for sites?

I'd suggest you both take some professional tax advice on the impact of this for all concerned, that may change her views. Alternatively, she can buy you out
 
It’s hard to advise without knowing how much land there is, whether it is in different parcels, whether it is farmed directly or let out, and the willingness of either siblings or their children to farm it in future. Likewise how easily it could be subdivided, and whether the next generation wants to build on it.
 
In response to your sibling I can suggest the long or short answer

Short answer: No.
Long answer: Nooooooooooooooooooo....

Talk about neck!:mad:

I'd nip this in the bud now - life is way too short for this sort of carry on.

Best of luck,

Opus2018
 
Dr Strangelove said:
It’s hard to advise without knowing how much land there is, whether it is in different parcels, whether it is farmed directly or let out, and the willingness of either siblings or their children to farm it in future. Likewise how easily it could be subdivided, and whether the next generation wants to build on it.
Click to expand...
It's 50 acre land left to me and my sis equally. Is currently let out to a local farmer we get a payment every year which we always split between us.
 
You must log in or register to reply here.
Back
Top