Join the Alabama Cooperative Extension System for a live, online program on estate planning for landowners. This online workshop will discuss using a business entity or trust to hold the land and prevent partition.
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.
Tune in on Thursday
When: Thursday, August 19 at 7 p.m.
Where: Online via Zoom
There is a $10 cost to attend, and registration is required for this workshop. The Zoom meeting number and link will be provided upon completion of the online registration.
New to Zoom? Visit the Zoom website to watch a video that will help you prepare to attend. You do not have to set up a Zoom account to participate.
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.
For more information about the Estate Planning for Landowners Workshop, contact Robert Tufts.