In HARDY’s “McArthur,” four generations are connected by the same family land, but only one person ultimately has to decide whether to keep it or sell it. Real-life heirs property can be much messier: as property passes from one generation to the next, ownership can become divided among siblings, cousins, children, and grandchildren who may have very different ideas about how to deal with expenses, repairs, liens, financing, and whether to sell. Read our blog to learn about heirs property and how a written and recorded agreement can help heirs address expenses, responsibilities, decision-making, and future transfers before family land becomes a family dispute.
Read MoreEvery tenancy in common owner group eventually will experience change as the owners’ life stages and objectives change, or the property is passed to the next generation. Therefore, every group that owns property as tenants in common should have a Tenancy in Common Agreement.
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