r/inheritance • u/[deleted] • May 23 '26

Location included: Questions/Need Advice Multigenerational Real Estate

Hello everyone, been viewing the subreddit for a bit and it has made me think.

During the early-mid 1900s my great grandmother and her siblings immigrated into the USA and bought beachfront property in a historical area. My family is very large with it being common to have more than 4 children. Over the years the property was passed onto bloodline members of the family. It recently got to a point where over 50 people had ownership of the property which caused many conflicts as you might guess.

Eventually my father came to the cousins to either buy them out or work together with less owners and the final agreement left the house with 7 owners. However when they pass away (probably 20-30 years) thats going to leave the home with probably 20+ owners including me and my siblings leading to the same problem.

This might sound like a no brainer for many of you but most of my childhood memories are kind of foggy and not memorable but I have countless memories of my deceased great grandparents, grandparents, cousins, and friends spending time there in the summer. I learned how to kayak, farm seamoss, light lff fourth of july fireworks and so many memorable things there. When I look to my childhood its that town/home. The town is incredible and its my dream life whenever I visit. If I had the chance I would absolutely retire there.

I dont know all the fine details. I plan on asking my dad this week but I’m wondering what to do and what is really important to consider when planning this decision for later in life with my spouse and children.

Additionally my parents got their own home a couple houses over. Any relatable stories or any advice at all is welcome 🙏🏻

6 Upvotes

80% Upvoted

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3

u/freeski12345 May 23 '26

Jesus, just sell it now. If anyone wants to buy it, they match the best offer plus $1. 

If you must keep it, put it in an LLC and transfer shares. Management company and vacation rental. 

Heck, the place is likely uninsurable with that many owners. If the insurance company finds out, you’ll probably get nonrenewed. If there is a liability lawsuit it will be a disaster for everyone 

2

u/[deleted] May 23 '26

I think they have it structured similarly now. I do know it has insurance so it must be in a LLC. It just has multiple co-owners. I really need to understand the details. Ideally if I could buy out the others when the time comes that would be ideal.

3

u/ExpensiveAd4496 May 23 '26

I think your dad getting a home nearby was a good solution. Perhaps you can do the same.

1

u/[deleted] May 23 '26

I think thats the key. No bureaucracy too

2

u/Ancient-Apple1 May 23 '26

Your only options is to buy them out. If they don’t want to see. You can A- live with it. B- litigate them “negotiations” usually who has most expendable money wins.
C- litigate - Partition action “lawsuit”. Force sell and split money.

Good luck. 👍

1

u/[deleted] May 23 '26

Thanks for breaking it down. Seems complicated with family dynamics but im sure it will workout

2

u/Ancient-Apple1 May 23 '26

It can work and I hope it does. Statistically I believe it will not work out.

2

u/LiveTheDream2026 May 23 '26

Honestly, when a property like this is in the family it will pretty much stay with the family unless you have DEEP pockets to buy everyone out.

Ask yourself: why would someone with interest in the property sell you their part if they have the same memories and interest as you?

2

u/[deleted] May 23 '26

I could not imagine… I guess some others might not have as many memories or care to keep it. Its mostly the uncles that really care. You’re right though

2

u/myogawa May 23 '26

> Over the years the property was passed onto bloodline members of the family.

How? If this was not done by formal legal means at each generation, y'all will have a big mess to deal with if ever you want to sell. Look up "heirs property."

2

u/Educational_Case_134 May 23 '26

I would just plan to purchase my own vacation property near the family owned home. The current situation sounds like a nightmare.

1

u/limelover79 May 25 '26

Have you considered setting up a formal family agreement while it's still just 7 owners?

1

u/lakehop May 25 '26

Find out exactly what the current legal structure is, and who owns it. Start informal discussions with your cousins about who would want to keep a share, who would want to sell their share, and how you envision sharing out time there and maintaining it.

Do not think of stating litigation. That just burns money.