Real Estate is often one of the most valuable assets an individual owns, therefore it’s important for landowners to make a plan for who will inherit this asset after they’re gone. The most common way to effectively plan for the seamless transfer of your land or house is to have a will done.

Here’s what to know about wills and why you need one if you’re a landowner!

What is a Will?

A will is a legal document describing how you would like your property and other assets to be distributed after your death. Having a will written by an attorney will typically cost around $500 but this may vary based on the complexity of one’s estate. This cost is a minor expense compared to the headache and legal fees your loved ones could be left with if you die without a will. 

By choosing who each of your assets go to, you can strategically divide up your assets in a way that benefits those you love. For example, it may make the most sense to leave land with a relative who lives nearby, while it may make the most sense to compensate other loved ones with other assets that benefit them.

The Risk of Not Having a Plan in Place

In the land business, we often come across heirs to a property where an individual passes away without a will and their property is then owned by several remaining family members with undivided interest. Too many times families experience turmoil because the terms of the deceased’s estate aren’t explicitly outlined. 

With several owners, it’s very unlikely that each family member will be on the same timeline as far as plans for the property and ultimately when it’s time to sell the property. Although each family member has an ownership stake, none can sell if other members don’t agree, leaving individuals with no real control over the property. 

Ultimately, when you pass, you want to leave your loved ones in the best possible scenario and minimize arguing and headaches with those you leave behind. Clearly outlining where your assets go and controlling who gets what will make the process as smooth as possible and ensure that your most important asset is handled the way you want after you’re gone.

If you’ve got questions about estate planning, get in touch with your local Land Professional today!