There could be any number of legitimate reasons that the estate hasn't been closed yet. Dividing up land, especially income-producing land, is always difficult. Each parcel may be worth a different amount than the others, and some land within each parcel may be worth more or less than the rest of the parcel. If there are 500 acres of land, do the executors give each beneficiary 100 acres? If the total value of all the land is $500,000, does each beneficiary get $100,00 worth, even though it may mean that one beneficiary gets 10 acres, another gets 250 acres, and the rest is divided among the remaining heirs? What if one piece of land is worth significantly less right now than it will three years from now? Should the farm land automatically go to the farmer when it's a 100+ miles from the rest of his farm (too far to move his existing machinery)? Does the family member who gets the recreation property have an obligation to let the other heirs continue to use it? Sometimes it's better/easier to sell everything and divide up the income.
Answered on Jan 21st, 2014 at 10:53 AM