THE YANCEY RECORD
PAGE 16
Estate Plans Help Keep Farms Intact
Not all of North
form problems are related to
weather, weeds, Insects and
markets. Poor estate planning
Is an entirely different prob -
lem area which directly ef
fects Tar Heel farms.
Economists at North Caro
lina State University clth the
following example of how a
good, productive farm can be
come a non-productive farm
through poor estate planning:
A farmer in a Piedmont
county died In 1927 without
leaving a will. He had one
minor child, five grown child
ren and a widow. The widow
received a dowry of 25 acres
of land. The remaining land
was sold and the proceeds di
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vided among the children.
The widow never received
an adequate Income from the
time of her husband's death
until her own death years la
ter. At her death, friction
developed among the heirs
over estate settlement. Con
sequently, her estate has not
yet been settled. The land las
grown up in scrub timber and
the buildings have fallen down
Property taxes owed on the
25 acres amount to over SBOO.
"This, and many similar
examples of poor estate plan
ning by farm families, illus
trates the need for incre a s ed
awareness of the problems as
sociated with transferring pro
perty between generations , "
point out the NCSU econorristi
The first step in estate plan
ning they suggest, is to con
sult a competent attorney.
The basic idea of a will
is to see that a poison's proper
ty is distributed according to
his wishes. Without a will,
tlie property will be distribu -
ted according to state law.
There are two general ways
of transferring property —wills
and lifetime property transfers.
A will allows a person to
use the property while alive
and specifies how it will be
distributed after the ownert
death. One important aspect
of a will is, it can beefianged
by the property owner as he
desires.
A person may be able to
transfer property while still
alive. There are a number of
lifetime property transfer me
thods and they can be incor -
porated into the will.
Among these are: 1. Sales,
involving the transfer of title;
2. Gifts; 3. life estate, in
which the recipient has life
time use of the property but
the ownership passes to some -
one else upon the death of the
recipient; 4. Trust, under
which a trustee receives con
trol and manages property for
the benefit of the owner; 5.
Partnership, in which two or
more people share ownership,
management and profits
pxwsibly terminating upon the
death of one of the partners;
and 6. Corporation, which is
a legal entity that holds and
trailers property and carries
on business in its own name.
The stockholders (farmer and
his family) own the corpora -
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tion which will continue to
operate even if a stockholder
dies.
Another method of lifetime
property transfer is co-owner
ship. 'Tenancy by the entire
ty" provides co-ownership of
real property between a hus
band and wife. The survivor
acquires title to the property
upon the death of the sp>ouse.
"Tenancy in common" is not
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restricted to related individuals
and provides no survivorship
riglfts. Upon the death ofaie
of the tenants, his interest g»
to his heirs. And " tenancy
with the right of survivorshipf'
allows co-ownership of proper
ty with the survivor taking all.
Legal assistance is virtual
ly required in the propxir pre -
p>aration of any typ>e of estate
plan.