Working with Co-owners by Rich Merk

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

To accomplish a successful succession plan and transfer of ownership to your heirs, it’s important to list goals and values for the future that you want to have followed. It’s very important to include your spouse and any other owners in creation of goals and values since they have a common interest with you. The list you prepare helps communicate your wishes and views clearly to your heirs. If you wish to place restrictions on the land, it’s important to have a list so you can be sure there will be no conflicts of opposing goals or values.

To start your statement, you should decide what your goals are for the land over the next 10, 20 and 30 years. Then list the values you want applied to these intended actions, and the action steps needed to accomplish the goals. List what obstacles may arise to prevent accomplishment of the goals.

While you’re doing these steps, have your spouse or co-owner do them too. Then compare. You may find your spouse has less interest in the land, and more interest in the needs of the heirs or the well-being of family relationships. If possible, you should end up with a statement of goals, values and a possible action plan on which you and your spouse can agree.

Now you can start talking to your heirs about what you want to accomplish when implementing a transfer of ownership, to see if they can agree and support the plan.