Say, a parent entrusts you over/ gives you an inheritance {a property} and urges you to never sell it...would it be wise really to go against his/her word and sell it?...{the said parent is out of the picture{dead}..will appreciate feedback
Question is, has the property been handed down for generations? If it has then it wouldn't be wise to sell it because it would be unfair to your kids since technically you are but steward of the family property. However if your parents bought the property and you find management to be difficult or don't make as much money as you should from it then it would OK to sell and invest the cash elsewhere where it can make you more money.
If it was asked not to sell... I really can't say. The cases I know, the kids sold the property when the parents died, what's the point in holding on to it?
So stuff about upholding tradition should take the back seat?!...just asking ...really appreciate your feedback Rainman and Peninha ...let me sit and think this {what you've both said} through deeply
I'd say that if it became a burden to own or if you happened to get a ridiculously high offer for it, why not sell for a good price? One thing I've done in the past when I sold was to make sure I kept the mineral rights.
This is really an issue of ethics rather than law. If you were "asked" not to sell the property for sentimental reasons, there is no legally binding grounds there. Many people feel the obligation of holding true to the requests of loved ones that has passed on, and that is the only bind that is involved. Can you live with yourself selling a family property? That is the only question you need to ask yourself.
It all comes down to how much you value that property. I mean... sure if he/she is recently deceased then you will probably want to hold on to it since they wanted you to... but eventually you are going to let go if you have no personal interest in keeping it. I would say that make the decision that suits you best. Just make sure that if you choose to sell you won't regret it later. Seeing as it's a property we are talking about. Why not try renting it out for a while and see how it goes? This way you will get some income from it while you get the time to make up your mind.
I would not sell it; maybe you can rent it out to get some money out of it. Is it in an ideal location where you can be able to live comfortably? Parents have a lot of experience through the years. There is a reason why they wanted you to keep the property and not sell it. My mom once told me about another family that moved to the city many years back. They had left behind an old home. When things did not work out as they had hoped, they moved back into their old home. Keep the property.
I don't think we should confuse an emotional attachment with a property, if we want some emotional attachment we should have a picture or a small object, not a house, I would sell it.
Haha, I really like the way you put it. However, unfortunately whether we have an emotional attachment to something (a picture or a house) is hardly something we can control. Now if we let that attachment affect your decisions... that is something we have control over but we need to think about the long term results. If you sell a house, it can be a real pain to try and get it back later if you want to. And it might not even be the same house anymore if the new owners have changed a lot of things!