Know Your Successional Planning Options by Rich Merk

Maine Woodland Owners is committed to helping small woodland owners develop succession plans for their woodlands so they will know their life’s work will be passed on to someone who will continue their stewardship efforts. Below is a brief succession topic to stimulate landowners’ efforts to develop their succession plans, if they haven’t already.

These are the five general categories of how you can dispense with your land in the future when you are no longer able to manage it.

Ø  Sell the land now or at the time of your death.

Ø  Give away all or part of your land or its rights (easements) to a charity such as a land trust or foundation.

Ø  Leave the land to only one heir, such as a child.

Ø  Subdivide the property between or among your heirs in separate deeds. 

Ø  Sell or leave undivided interests to your heirs by putting the land into an LLC, partnership, or trust in which the heirs have ownership together.