Alabama Extension is offering a two-hour workshop on estate planning for landowners. This workshop is being offered live, through Zoom, an online video platform.
In most wills, family land is left to the decedent’s spouse, if they survive, otherwise, the land goes to their children in equal shares. If a decedent owned 300 acres and their spouse is deceased, the land would go to their children. If the decedent had three children, how many acres does each child receive? The answer is 300 acres. Many may think that equal shares means that the children divide the acreage into three equal parts. However, this is not the case. The children instead get an undivided, one-third interest in the entire property. The only way to give a child a specific parcel of property is to have a legal description of the property in the will. [e.g. “I leave the Southeast quarter (SE 1/4) of Section 18, Township 23 North, Range 27 East, Chambers County, Alabama, to my son.”]
Leaving an undivided interest requires joint management by the children. In most cases, families will have one or more children interested in the land, while other children are more interested in the money the land represents. If the children cannot come to an agreement, the only remedy is partition, either voluntarily or by the court, which usually results in the sale of the land.
This online workshop will discuss using a business entity or trust to hold the land and prevent partition.
Dates and Registration
There are two dates available to choose from for this workshop – December 17 and January 28, both starting at 7 p.m. CT. Attendance for each date is limited and registration is required. There is a $10 registration fee. Visit the Alabama Extension Store to register. When registering, select the date that you wish to attend.
ATTENTION: Once you register, you will receive a receipt. On this receipt there is a link that you MUST click on to finish the registration process and to get the Zoom link.