Important Document List for Your Attorney’s Review in Estate & Transition Planning

Introduction

Estate planning includes a will and other documents that specify how and to whom your land and other assets will be distributed when you die. If you die without a will, your assets will be passed on via intestate succession, which is a predetermined hierarchy system set by the state. Leaving your assets to be distributed by the state may not align with your preferences. The laws of intestate succession do not provide for consideration of your expressed desires or give deference to those heirs working the land or most closely tied to your assets.

An estate plan should be prepared by an attorney with the training and experience necessary to provide the desired results. An attorney will advise on which tools or documents you need and what provisions should be included. However, you will need to give your attorney information about your assets, your family/heirs, and your goals.

Bringing the following documents to your first meeting with your attorney (or sending them ahead of time) can save time and money and ensure they have all the information they need to prepare the right plan for you.

Existing Estate Planning Documents

1. Will
2. Power of Attorney
3. Advanced Medical Directive
4. Trust Documents

Comprehensive List of Assets and Liabilities

1. Property Deeds
2. Estate ownership (surface and subsurface)
3. Appraisals (if any)
4. Debt and Credit Records
5. Current Investment & Cash Accounts
6. Retirement Plan Documents

Family Information

1. Divorce Decrees/Separation Agreements
2. The Family Tree
3. List of heirs

Business Documents

1. Articles of Incorporation/Bylaws
2. Business Licenses
3. Contracts/Leases (oral and written)

Insurance Policies

1. Liability/Whole Farm
2. Life Insurance
3. Long Term Care

Other

1. Your own ideas and desires written down
2. Backup plans (if X, then Y)
3. List of questions
4. Special forms or documents requested by your attorney

This is not an exhaustive list. When in doubt, err on the side of overinclusion.

Legacy & Transition Planning

A good estate plan can ensure that your land and other assets are successfully passed on to your heirs when you die. Legacy planning includes estate planning, but also the ongoing involvement of your heirs in planning for your land’s future. Good legacy planning passes on your knowledge, values, and love of your land. This is especially important if you are also transitioning a farm or other land-based business. Legacy planning increases the chance that your heirs are successful owners and managers of the land and able to keep it intact, in forest and farm, and in family ownership.

Additional Resources

Legacy Planning for Forest Landowners (https://ext.vt.edu/natural-resources/legacy-planning.html)

Legacy Planning: A Guide for Virginia Landowners (https://www.pubs.ext.vt.edu/CNRE/CNRE-121/CNRE-121.html)

Planning the Future of Your Farm: A Workbook Supporting Farm Transfer Decisions (https://vtechworks.lib.vt.edu/items/029925e7-a87a- 4adc-9103-3f9799526d17)

This work was supported by the USDA National Institute of Food and Agriculture, Hatch project 7004509.