Legacy Planning

Making decisions about your woodlands after you are gone is an important act of stewardship.

Your land is part of your legacy. You have been a good steward of your land, carefully making decisions about its management. Deciding what will happen to your land after you’re gone is the next critical step in being a good steward. It could, in fact, be the most important step you can take as a landowner – not just for your own benefit, but for the benefit of your family, your community and, of course, the land itself. Who will own your land and how will it be used? What will your legacy be?

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Steps in the Legacy Planning Process

List all your assets and obligations (Prepare a Balance Sheet).

1. Determine what your hopes and vision for your woodlands are (Heirloom Scale and Values and Goals worksheets).

2. Expand step 2 by including relevant others in your development of your vision (Meeting notes and basic outline of a plan).

3. Develop a detailed Legacy Plan including the actions and timelines needed to implement the plan. (Strategies for a Succession Plan).

4. Assuming you have a reasonable and doable plan, pick the needed professionals to help you do your estate planning and develop your needed estate documents to be sure the legacy plan will happen. (List of Advisors, a Will, other needed documents).

5. Periodically review you legacy plan and estate documents to be sure they are up to date, or modify them as needed. (Use of a calendar).

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Options For Your Woodlands

1. Sell it now or when you die with conditions.

2. Donate part or all of it. (Visit Maine Woodland Owners Land Donation page) 

3. Divide it among your heirs.

4. Give it to one heir.

5. Keep the land intact and give it to all your heirs together (if possible).

6. Do nothing and let it be part of your liquidated assets of your estate.

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