Succession planning
Succession planning is a key part of land ownership
Being proactive about succession planning can lift a huge weight off the next generation. Lack of succession planning in many cases has caused unnecessary and painful family division.
What are your goals for your property when passing it to the next generation?
Is it important that your land retains some of its original character?
How will you pass it on to the next generation?
This is an important consideration; your benefactor may carry a significant tax burden, or if you personally are sued, your land may be put into a judgment lien and confiscated. Putting your land into a trust that your benefactor will inherit is one important option to consider.
Do you plan to will your property to multiple parties?
It’s important to clearly delineate and even consider dividing property if you intend for multiple heirs. Otherwise, property can get tied up, and in some cases, forced sold by one individual’s desire to cash out or move on. To learn more about heirs’ property and receive assistance, we recommend reaching out to LIKEN.
Are you interested in donating property to our Land trust?
Some folks are interested in bequeathing land to our Red River Gorge United land trust. This ensures that the land will continue in its wild character for generations to come. If you’re interested in learning about this option, please reach out to us below.
Do you need a will?
Occasionally, free to the public “Will and Last Testament” clinics are held in the area where you can walk in and talk to a lawyer, and walk out of the clinic with a printed will in hand. You can check on the nonprofit LIKEN’s website for dates of the next clinic. Alternatively, you can set up an appointment with a local lawyer to complete these documents. If you need any assistance in finding a lawyer, please feel free to reach out to us.
Contact us
Do you have questions about land succession planning?
Reach out to us below, and we can arrange a phone call or in person meeting.