I have two questions, somewhat related.
First, I have a piece of land which I own outright. I have three sons. One of them wants the land when I am gone, and the other two have no problem with that. But how can I ensure that the other two are compensated for their respective proportions (1/3) of the value of the land? I was thinking to leave it to all three of them, and then if the one wants it, he will have to buy the others out, either with cash, a loan, or a land contract. What do you think?
Second, I have a house with a 15 year bubble mortgage on it. The bubble is 14 years away. The house is also upside down, with negative equity. I was gonna leave it to them, but I'm not sure this would be good for them. They would just inherit a mortgage. Do I have the ability to leave my assets to my sons to be split 3 ways, but leave my house to none of them? What would happen in that case? Would it be put on the market? Could the bank just take it back and put in on the market?
I also considered just leaving it to all three of them, and if they all wish to renounce it, they could do so. But this is all based on internet research.
Lemme know what you think!