Consider Goals and Needs by Rich Merk

Maine Woodland Owners is committed to helping small woodland owners develop succession plans for their woodlands so they can know their life’s work will be passed on to someone who will continue their stewardship efforts. Here’s another topic to stimulate landowner efforts to develop and improve succession plans.

As mentioned last month, in order to accomplish a successful succession plan and transfer of ownership of your family resources to your heirs, it’s important to prepare a list of land goals and values for the future that you want to have followed. It’s also very important to include consideration of the goals, needs and values of the possible heirs to be sure they have common a fit with yours. Their needs and goals need to be considered to be sure there are no conflicts or opposing priorities.

When you first discuss your process of developing land succession plans with potential heirs, ask them what their goals and needs are for the next 10, 20 and 30 years. Then compare your list to theirs. You may find that your heirs have no interest or ability, either financial or otherwise, to manage and be good stewards of the land. If there is a good fit of goals and needs, however, you have the start of being able to talk to your heirs about what you want to accomplish in implementing a transfer of ownership, and see if they can agree to and support the plan.

Some advisors might suggest that this process of comparing values and needs could be done at a meeting of potential heirs, but I think it is better to deal with this process informally, before any family meetings, using separate one-on-one conversation with each person. You will do better as a family if you have a better idea about each potential heir’s goals and needs before meeting as a group. Consider that some of them may not be comfortable discussing their personal lives with other heirs present.