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alieck523 OP t1_j6mr4pv wrote

It's a family home from the 1800s on land owned by my family since the early 1800s. Want to keep it in the family. Which add such a level of headache

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umassmza t1_j6msjmt wrote

Fun thing about partial ownership. Even if you have 1% ownership in the property you still have full rights to its use the same as the person who owns 99%.

If you want it keep it. Do you think your uncle will leave it to you someday? Or eventually lose it due to end of life costs or leave it to someone else?

Place it in a trust, set up so it passes to you and your brother after your uncle. Have him pay rent to the trust that you collect as beneficiaries.

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alieck523 OP t1_j6mu3u9 wrote

Yes, he said I will inherit it upon his death (no children, brother and I are heirs). He is extremely wealthy.

Thank you so much for your reply!!

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guest0112 t1_j6mze4l wrote

You’re saying he is extremely wealthy but is he really? I get the sense from your post and comments that he’s not exactly all that wealthy. And it’s nice that he says you’re inheriting it, but unless there’s some sort of iron clad signed agreement, I’d take that statement from him lightly. You’re entitled to the full 25%. Don’t get intimidated or rushed into something that you’ll potentially regret later. Be civil. Contact an estate attorney to really look things over and be patient. Try to get as much contact with your uncle in writing as possible (emails, texts)

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