Two Examples for Plans

First Example: A husband and wife have lovingly stewarded their 83 acres of woodlands for many years. They want to know the land will be properly managed in the future and will not be developed. After honest discussions with their children, they have determined that there is no family interest in the land once the parents are unable to manage the lands. They decide to negotiate and grant a conservation easement to a local land trust to ensure the land will remain as woodlands that are sustainably managed and cannot be developed. They also make it clear in the estate documents that the land is to be sold as part of their estate, with the easement in place.

Second Example: A couple owns 250 acres of woodlands and fields that has been in the family for two generations. After discussions with their three children, during which the parents made it clear that the sustainable woodland management of the land is important to them, they determine that one heir has a strong interest in owning and sustainably managing the land after the parents are gone. The other two do not want the responsibility or do not have the interest in managing the land.

The parents will have some other assets in their estate that they can give to the other two children. The third will get the land. The parents will try to make the distributions as equal as possible. They prepare the proper estate documents so if something happens to them their wishes will be carried out. They also begin to educate the interested child in how to manage the land. They are also considering placing a development restriction on the land to avoid future development.

– Rich Merk