Quote Originally Posted by Tybee View Post
I think real estate is the most difficult thing to inherit. Especially with multiple heirs. Our neighborhood has inherited lakefront cottages and the adult "children", the second generation, are now in charge but I'm not sure what happens next with their inheritors. And something like Iris Lily's farm--that's like inheriting a business.
I'm inspired by some of my in-laws. My DIL is part of a large family--the grandfather built a cabin/camp/cottage on a small lake in the Adirondacks. It's a wonderful retreat. Now, the third generation is tending to it. The local people go every spring to open it up, do plantings and other maintenance activities. People sign up for times they want to use it in the summer. It's a pay-what-you-can model, more or less. Just recently, they've formed an LLC to iron out all the agreements and shared responsibilities. There is never any discord, from what DIL tells me. That's what I'm hoping for.

My SIL has a similar situation. Not quite as organized or drama-free, but it's still in the family and sharing it has worked out pretty well. I'm not sure what happens beyond three generations, though. When does it get to be too many inheritors to manage it properly?