Can I do something with my inheritance?

Question

I just found out that me and my mom inherited my grandfather house that he willed to us. In the back of his house he has a small farm he has 1 cow, 1 horse, a huge garden, and a couple of laying chickens. I don't know what to do with it and I don't want to sell it. I have a lot of wonderful memories in that house. My mom wants to keep, but I don't know the first thing about taking care of this, or what to do. This is the only thing that her father really gave her. We are his only living heirs

Answer 1

Hopefully you are working with an attorney and/or accountant on settling the estate of your grandfather.  Depending on the state in which you live, it may be wise to have an appraisal completed on the inheritance to update the basis value of the property.  At some point in time this will help to relieve potential capital gains taxes.  Check with your professional advisors in this manner.  Sorry to hear about your g.father passing.

Answer 2

Do what Katie said, that is the correct thing to do, that is what I would do if I didn't farm.

Answer 3

It would be nice to own that farm! Do not sell it if you can look after that farm.

Hire a good hand. Speak to other farmers. Have fun!

Answer 4

Depending on how much land he has, you can always lease the farmland to a local farmer, and rent out the house until you decide what to do with it.  That way you still own it, but you get some income from it in the mean time.  You can sell the animals if you have no idea how to care for them.  Talk to neighbors and see if anybody would be interested.  Later, you may decide you want to live in the house, and you just move out the renters when their lease is up.  You can continue to lease out the land if you don't have any use for it.  Sorry to hear that your grandfather passed away.

Answer 5

First off, is someone taking care of the animals?  Is there heat in the house so the pipes won't freeze if it is in colder country?

I wouldn't sell it if I were you either.  Is there a way you or your mom could move there?  If a house sits empty for even a short amount of time, it can go downhill fast.

The garden, harvest what you can and let it go for the winter.  

Is there land with it?  Please add some details and I will check back a little later.

Sorry to hear about your grandpa.  My grandma died earlier this month too.

Answer 6

When I inherited farm land from my grandparents I leased to a local farmer there.  That way I keep the agriculture exemption to keep the property tax low, and make a little money off it but dont have to farm it.  I just go down and camp and hunt.  The man leasing it only has the agriculture rights so I can still go out there.