Do Nothing vs. the Basic Will and Testament

Excerpt from the article: Your Family’s Land: Legacy or Memory? An Introduction to the Family Land Protection Process, by the Green Valley Institute. Authors: Steve Broderick, Holly Drinkuth & Ruth Cutler of University of Connecticut Cooperative Extension.

 

Contrary to popular belief, protecting family land is not something to put off until just before you die. There are at least four good reasons why the time to do this is now:

1. If you should die unexpectedly without a plan, the state and/or your heirs will create one for you. Theirs may not look much like what yours would have.

2. Significant income and/or tax benefits may be lost by waiting to protect land via last will and testament. Good planning can save land now, save or earn you money now and may save your heirs money later.

3. Peace of mind. If you keep thinking about this, you must want to do it. Actually getting it done changes that worry into pride and contentment.

4. You’re of sound mind at the moment. Who knows what tomorrow will bring?