Putting together your will is a challenging task. There are so many factors to consider – who will be the executor, what do you own, who gets what, who wants what – and so forth. If you’re a landowner, you will have to decide what to do with that land and if you should leave it to your children. Truth be told, selling your land and leaving cash to your children is a much better option. Let’s look at some of the reasons selling your land and leaving cash in your will is the better option.
Disagreements Are Bound To Happen
The last thing you want is for your kids to hurt their relationships with each other over their inheritance. Even if your children have excellent relationships, inheriting property will lead to disagreements. Remember, this will be a difficult time for them, and having to work together to decide what to do with your belongings will be a challenge. They will have to decide what to do with the property and who will do what. Will one of them insist on keeping it because it means a lot to them, while the others have no appreciation for the property? If they ultimately decide to sell your land, will your kids have the time they need to prepare the property for sale? Selling your land now and allowing them to split the cash will make things much easier for them.
Before leaving property to your heirs, you need to consider their current lifestyle. Chances are, they’re busy and won’t have the time necessary to maintain the property you are leaving behind. Failure to maintain the property will cause even more problems down the road, which will either lead to more money out of their pockets to fix the property up or having to sell for a reduced price to compensate for the lack of maintenance. Selling your property now will prevent these issues and reduce stress for your inheritors.
When you leave land or property to your children, they become responsible for paying the property taxes. Although Florida has lower-than-average property taxes, the extra expense may be too much for your kids to take on, especially in today’s economy. The state can place a lien on the property if your kids can’t pay the property taxes.
Of course, there are inheritance taxes they will likely have to pay on anything you leave them, but those are easier to take on than the additional unexpected out-of-pocket expense of property taxes.
Want To Sell Your Land?
If we have convinced you that selling your land is the better option, we are here to help you start the process. We are also experienced with real estate in probate, trusts or estates. If you have any questions feel free to contact us at 321-405-2799.