"WHAT HAPPENS IF...": ESTATE PLANNING FOR LANDOWNERS

Your land is one of the most valuable assets you own. Most landowners spend significant time and resources managing and protecting their land, including implementing Wildlife Management Planning to reduce their property tax burden. However, there are other legal steps for conscientious landowners to consider to further protect their property. This article presents some basic information about estate planning, especially for those who own rural land.

Here is the first issue every landowner should consider.

What happens if I become mentally disabled?

Paradoxically, with better health care many more people are encountering problems with mental disability, perhaps due to an accident, stoke, or dementia. If you become mentally disabled and cannot manage your affairs, how do you want to be cared for, and who is to make the many difficult decisions for you? Who will manage your property? What instructions can you give them to make their job easier and more successful is this stressful situation?

The horror stories in the news about the probate process or end-of-life decision-making usually involve people who did not plan their affairs. These people have an estate plan which can be called the "No Plan" estate plan.

If you do not take responsibility for yourself, your loved ones and your assets, then the State and Federal governments step in to answer these questions for you. If you do not plan your estate, the government has a ready-made, expensive, one-size-fits-all estate plan prepared for you which controls you and your property in the event you become mentally disabled. The government plan includes the federal and state laws and court cases regarding:

• conservatorships and guardianships to appoint someone to care for you and your property if you become incapacitated,
• statutes, case law and court proceedings governing end-of-life decision-making if you have not made your wishes known.

This "No Plan" estate plan is the most expensive plan for you and your loved ones, and usually produces the most disastrous results.

The Answers to This Question!
The good news is that it is relatively easy to implement a comprehensive estate plan to protect you and your property in the event of mental disability. To address the issue of planning for mental disability, your plan may include some of the following:

• Durable Power of Attorney for Financial and Real Estate Matters, including the necessary Certificates and Affidavits;
• Medical Durable Power of Attorney for Health Care Decision-Making;
• Pre-Need Declaration of Guardian for you;
• Designation of Guardian for minor children; and
• Living Will, or Directive to Physician and Family.

If you have these types of documents, and have named a family member, friend or trusted advisor to act on your behalf in the event of mental disability, you will likely avoid costly legal wrangling. Certain assets, such as a ranch or farm, or a small business, may require special planning strategies, including added instructions to deal with special problems involved with owning and managing these assets in the event of your disability.

Seek Competent Help.
For the peace of mind that comprehensive estate planning can bring, seek competent help. Thomas Hall, Senior Attorney at our sister company, Braun & Gresham, PLLC, is an experienced estate planning attorney. He can discuss your specific concerns and goals. Visit their website at www.braungresham.com for more information, or call (512) 894-5426 to speak with Thomas personally about your vision for the future of your family and your land.