Alabama Extension is offering a two-hour workshop on estate planning for landowners. This workshop is being offered through Zoom, an online video platform. It has also been approved for two hours of Category 1 CFE by the Society of American Foresters.
There are many aspects for landowners to consider when deciding how to leave their property in a will. 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.
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 land and also prevent partition and direct future management.
Dates and Registration
There are two dates available to choose from for this workshop – July 30 and August 18. Each workshop lasts from 7 to 9:15 p.m. Attendance for each date is limited and registration is required. There is a $10 registration fee. When registering, select the date that you wish to attend.