Families have a variety of options for how they use their family owned real estate over generations regardless of size and locations.
There are many factors that impact what you can do with your real estate, including owner decision making. There are also a lot of resources available for financial and technical assistance. Planning and communication are at the heart of any strategy for using your family land.
How to build and implement a strategy for using your land:
Determine your goals, such as provide a place for family members to live and/or recreate;
Research resources available to aid you towards your goal;
If the property is owned by multiple, individual family members make sure all owners are legally confirmed and participate in decision making (HeirShares can help with this!);
Build and implement the strategy; and
Communicate and educate other family members.
Ways to use your family land:
provide home for family members with individual or multiple dwellings on the property
Enroll in a natural resource program like forestry or carbon
Enroll in a present use value program
Lease to third parties for residential, agriculture, solar, etc.
License others to use your property for short term rental, hunting, etc.
Protect natural resources through stewardship and long-term maintenance of those natural resources
Remember:
A succession plan can assist your family with maintaining the activities that support your family's use of the land regardless of how you decide to use it.
Work with an accountant to ensure you optimize the financial aspect of how you use your land. For example, if you sell timber from your property you can claim income as capital gains and get a tax benefit for replanting trees.
Identify and work with other professionals who can help you achieve your goal.