An estate plan is really important when it comes to keeping the family ranch in the family and it really doesn’t have to be complicated.
Keeping the ranch in the family can be simple if you have a good estate plan and the estate plan doesn’t have to be difficult if you break it down into simple steps, according to the Huntsville Item in “Estate planning and the family ranch.”
The steps are:
- Start a conversation with your family about what to do with the ranch after you pass away. This will help determine which of your relatives might want a stake in the ranch and make sure that everyone in the family is on the same page.
- After talking with your family, decide what your objectives are for the ranch and what you would like to see happen to it.
- Gather all of your important financial documents.
- Choose an experienced estate planning attorney that you are comfortable with and have the attorney draw up an estate plan that meets your objectives.
- After your estate plan is complete, make sure that you keep it updated whenever circumstances change.
An estate planning attorney can guide you in keeping the ranch in the family or not … whichever you want.
Reference: Huntsville Item (July 31, 2016) “Estate planning and the family ranch.”