Joint Inherited Property Management - Guidance

[Bandager]

Greetings from South Dakota, United States;

I am looking for general guidance, best practices, etc..., in the management of joint inherited property. There are seven of us that equally inherited some farm land with a home on the land, but we have yet to document some form of management agreement. While the property is used at times (i.e., summer vacations), none of us live there as a permanent residence. Also, parts of the land are contractually leased, but we do not appear to have any issues with that. None of us are discussing selling, but we are beginning to deal with use, maintenance, schedules, costs, etc..., associated with the home's use, operation, and management. What would you recommend to someone new to this? Are there professionals that can be consulted for this scenario? If so, what are they called (if other than just a real estate company)?

Thanks in advance,
Ed

[Rowanf]

Re: Joint Inherited Property Management - Guidance

Hi Bandager, this forum is based in the United Kingdom, and as such I feel you're unlikely to get an accurate response (if any response) given that the members here are very well versed in English law, but not US law so much! All the best with your queries.

[enquirer]

Re: Joint Inherited Property Management - Guidance

It is certainly is something to be sorted out, as there are all sorts of tax and legal implications (seven interests, residential property, farm land, leases ...).

And of course, no-one is thinking of selling ... for the moment.

[Bandager]

Re: Joint Inherited Property Management - Guidance

Thanks...I will check closer to home.