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  • Writer's pictureMissouriLandEditor

Recently Inherited Land From a Trust, Estate or Family Member?

We pride ourselves in working through issues and assisting clients with what their best option is. Here are a few highlights and pointers.

Recently inherited land from a Trust, Estate or Family Member?

Have you recently been appointed the Executer of an Estate, or possibly the Trusee of a Trust owning real estate? Or maybe you simply inherited land from a relative. If so, congratulations!! It may be stressful initially, but seeking advice from an  experience Real Estate Broker can be the best thing to do. A good broker can assist you with many of the questions you may have and provide guidance from a position of experience and real life examples. As a Broker for over 20 years I have seen almost every scenario possibly, from potential fraud to tenant disagreements and family disputes. These are only a few of the pitfalls commonly associated with an inheritance. However we pride ourselves in working through issues and assisting clients with what their best option is. Here are a few highlights and pointers.

Steps To Take,. I dentify The Land

Seems simple enough right. However many people that are the recipients of an inheritance are not aware that they are going to inherit land and many don’t know what farms they now own or where they are. I can remember many examples of sellers of inherited land understating their ownership or value. Just recently I had a son whom had inherited his parents farms in Missouri reach out to me to do a site valuation and estimation of value to help establish a basis. In his email he had mentioned that he had placed a value of 700,000 on the land. After doing an analysis based on recently sold and on market comparable properties the land valued at $1,095,000. That’s a difference of $395,000. Had this particular client sold the property to the first person interested at the $700,000, they would have certainly left money on the table.

How to determine if I inherited land?

Another client comes to mind from Kansas. We were engaged by an elderly client whos husband had passed away. The remaining spouse did not know much about the land and had reached out to us for consultation as the farmer was wishing to purchase the farms. The owner was led to believe that she owned 160 acres by her farmer. Turns out she owned 320 acres and the farmer was attempting to purchase all 320 acre at the price point of 160 acres. With friend like that who needs enemies right? Unfortunately for the farmer we researched the arm and determined exactly what she owned. We offered the property at auction and the owner received over a million dollars more than she had anticipated.

Value the Land

Determine The Highest and Best Use For you

Manage or Not To Manage, That is the Question

Sell or Keep?

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Only United Country offers the level of marketing, professionalism and expertise you need when dealing with land real estate. The hands-on experience of our specialists, coupled with our unique marketing and advertising programs, result in an unmatched winning combination to guide you throughout the real estate process

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