Highland Center, in Southeast Iowa | Sbeastep - 8/18/2017 13:02 I have a 6 generation 1000 acre farm in Virginia. We have two grown children and a 3 year old grandson. Neither child is interested in farming. Of course we have hopes that the grand child will or future grandchildren. It is important to us that a will be made. We want to protect the farm from being sold at our death. Any feedback on how we could do this to insure that the grandchildren would have a chance at it should they desire?
We have a trust, but it's very specific to our situation (as I believe yours must be as well), so I won't go into details. But I'd encourage you strongly to get busy on this task "yesterday". If you have grown children and a grandchild, you and your husband are likely in the last third of your lives. It doesn't go on forever. A reader doesn't have to go far just on this site alone to see just how quickly life can and does change, and it doesn't wait for us to have our ducks in a row. Find a good lawyer, one with some ag background if at all possible, and get something in place soon. Write it such that it can be modified and changed as needed at any time, but get a plan in place so that your options are at least recognized. I know there are huge differences in states' rules, but at least in Iowa, if you die intestate, the state claims a full one-third of the estate. I'm gonna guess the Commonwealth of Virginia isn't on your list of potential beneficiaries. Sorry to be blunt, but you need to get to work. |
Will
