Strategic Steps to Keep Real Estate in the Family
Introduction: A Legacy of Ownership
In May 2025, I wrote “From Mississippi to Chicago: How a Multifamily Property Built Generational Wealth”, highlighting the personal and financial benefits my family gained from a 4-unit property my grandmother purchased in 1984. Today, we still own that property, 41 years of ownership this November. That blog showed how multifamily properties can change lives. How can you keep real estate in your family for generations?
Even if you’re not in a position to buy right now, perhaps your parents, grandparents or other older relatives own property. The key lesson? Keeping family real estate can unlock long-term financial security and preserve memories and legacy.
Why Family Property Matters
Land is the one thing you can’t build more of. When communities expand, they must buy land from someone. Every parcel of land is unique. This makes it one of the most valuable long-term assets a family can own.
Too often, family homes are lost due to lack of planning, disagreements, or financial hardship. I’ve met people in their 20s to 40s who talk about one day "buying Grandma’s house back" or the heartbreak of no longer having that special family home to return to. Sometimes selling is necessary. But many families don’t choose to sell, they’re forced to because of probate issues, missed payments or disagreements among heirs.
Maybe you’ve heard these before:
"We lost the house after Grandma passed because no one knew what to do."
"The taxes weren’t paid and we lost the home."
"There was no will, and it became a huge family argument."
These aren’t just stories. They’re warnings and opportunities to do things differently.
Actions to Preserve Family Real Estate
If your family owns property, there are simple but powerful actions you can take right now to keep it in the family for generations. You have the power to prevent your family from losing valuable property. Let’s break it down.
Talk to Your Family
Start the conversation. Find out:
Is there a mortgage or any liens?
Who is on the deed?
Is there a will or trust in place?
Are there co-signers or co-owners?
Use public records (county assessor or recorder websites) to verify information. These conversations might be uncomfortable or reveal long-held secrets, but they are essential.
Tip: Bring in a neutral third party like a real estate agent or family attorney to mediate and keep discussions focused.
Develop and Execute a Strategy
Once you’ve gathered information, work with key decision-makers: those on the deed, holding power of attorney or financially prepared to step in.
Your plan could include:
Creating or updating a will or trust
Transferring the deed
Structuring a legal buyout by a family member
Bring in professionals:
Real estate agents
Lawyers (especially estate or real estate attorneys)
Appraisers
Title companies
Accountants or financial advisors
Use project management and strategic planning to guide this process. Assign tasks, set deadlines, and keep documentation organized.
Review the Plan Annually
Life changes. Someone might pass away. Laws may shift. A new job or hardship might affect responsibilities.
Set a calendar reminder to:
Revisit your family’s real estate plan
Update documents
Check in with everyone involved
This small habit can prevent major losses down the road.
Be the Legacy Builder
It isn’t easy. I know this firsthand as someone whose family owns a multifamily building. Working together is sometimes hard. But if you want to build wealth and legacy, you must have these tough conversations.
You can shift the narrative. You can preserve wealth. You can create a stable future for generations to come.
Your Challenge: Start the Conversation Today
If you’re reading this, I challenge you to:
Ask about the status of your family’s real estate
Do a public records search to verify ownership or liens
Start a real estate planning conversation with loved ones
The financial lesson I want you to walk away with: Keeping real estate in the family can build generational wealth and stability. Let’s stop watching family homes slip away. Let’s keep the legacy alive one property, one plan, one conversation at a time.
Want help with the process? Talk to a family lawyer about wills, trusts, and succession. If selling ends up being your best option, I can connect you with a trusted agent. Fill out the Buy, Sell, Invest form to get started.
