Land can be one of the most significant property types you can pass down to your inheritors. Aside from their monetary value, land and other real estate assets can hold your and your family’s legacy, making them a vital part of your estate. When dealing with these properties, you can use various estate planning tools to pass them down to your inheritors, including your preferences and instructions.
There can be many options, which can all work in tandem for an effective estate plan. Still, the most appropriate choice can depend on your goals and wishes, such as in the following scenarios:
- If you want to impart general direction concerning the land, you can include it in a will.
- If you want to appoint someone to manage all your financial affairs, including your real estate properties, you can arrange a power of attorney that will take effect when you become incapacitated.
- If you want to share the land’s associated legacy, your intent and values, you can write a legacy letter, which can exist with other components of your estate plan.
- If you want to share land ownership for conservation purposes, you can review and change the current setup as needed.
Other strategies can also be relevant, usually varying based on your and your family’s circumstances.
Creating a suitable estate plan
Whether drafting a will or establishing a trust, you can use many tools to arrange what happens to your land during incapacity or after you pass on. The challenge can stem from choosing the most beneficial option, considering what you wish to happen to the property and how you want to protect it. In these situations, consider seeking legal counsel to help create a personal and suitable estate plan that can stand the test of time.
