Good news

     Tom, Dick and Harry receive a letter.  The letter is from their uncle James. He tells them that he owns some land near Washington D.C.  The Government is going to buy his land to build a hospital there. He is going to give the money to them. Tom, Dick and Harry are happy to hear the good news.  Harry is going to put his money into the bank.  Tom is going to buy a car and get some new clothes for himself and his family.  Dick is going to pay off his debts. He and his wife owe almost fifty thousand dollars.

People's names always begin with a captial letter.  Don't forget that there is always at least one space (preferably 2 spaces) after a fullstop at the end of a sentence.

Good news

     Tom, Dick and Harry receive a letter respectively* from their Uncle James. In each of the letter, he tells each of them that he owns a piece of  land near Washington,D.C.  The government is going to buy the land from him to build a hospital there. He is going to give the respective shares of the money from the sale of the land to each of them. Tom. Dick and Harry are all glad to hear the good news. Harry is going to put his share of the money in a bank. Tom is going to buy a car and some new clothes for himself and his family.  Dick is going to pay off his debts. He, together with his wife, owes almost fifty thousand dollars in debts.

* I assume each of the receives a letter separately, otherwise, I would say "......a letter addressed to them respectively"..