I’ve always believed that every ranch has a story to tell. From the legendary King and Kenedy Ranches to the Waggoner and the 6666’s, each of these places is filled with rich histories, triumphs, and the dreams of those who worked the land, hoping for a brighter future.
Perhaps your ranch doesn’t span over oil-rich land with a vast history of family fortune, never the less it does have a story. It’s where you raised your family, watched your daughter get married under the big Oaks behind the house, your grandson shot his first buck from a deer blind you built for him, all the family Christmas parties, and a thousand other familiar stories. Every ranch has vested in it memories that cannot be detached from it. Each of these are ingrained in the walls of time, and only you personally preserve each and every one of them.
However, like all things in life, ranches face the inevitable passage of time. The reality is, one day you won’t be here – that’s a reality for all of us. But if you are fortunate enough to call yourself a ranch owner. That leaves you with a crucial responsibility: what happens when you’re gone? Will your children violently fight over the ranch? Will you donate it to a university or foundation? If you plan to have a trust, who will the trustees be and how are they to manage the property? All of these concerns, and more, loom over every ranch owner. Although it is difficult to address, it’s essential that the conversation happen; sooner rather than later.
Shows like Yellowstone can dramatize ranch life, but many of the issues they portray—family conflicts, greed, and self-interest—are all too real. I’ve had a front-row seat to these struggles in both real estate and ranch management. I’ve seen siblings who no longer speak to each other because of a divided ranch interest. Divorces happening over the family fortune, and lifelong grudges that leave emotional scars never to be mended. It’s difficult to witness the destruction of what should be a celebrated legacy. Yet, it doesn’t have to be this way.
As a realtor who specializes in ranches, I can recommend a number of options: meeting with trust advisors and trust departments, consulting estate attorneys, or seeking counsel from a combination of all and more. And, of course, I strongly encourage taking those steps throughout this journey. But first, take a long, hard look at your current situation. Examine your ranch, your role in it, the potential heirs who might inherit it, and the conflicts that might arise in the future when you are gone. By addressing critical issues now, you may be able to prevent the kind of discord that can demolish what you’ve worked so hard to create.
Life is unpredictable, and none of us can foresee every turn that might come our way. But you can plan for what the ideal picture would look like when you are no longer in it. It’s not easy, and there’s no one-size-fits-all solution, especially when it comes to ranches. However, you do have options, and understanding the pros and cons of each path can help you make the best decision for your ranch and family.
Surrounding yourself with trustworthy people who are led more by integrity than driven by monetary gain, is a key component in all of this. I highly recommend reading “Robert’s Story” by Stephen G. Michaud. This eye-opening book recounts the tragic tale of a family ranch put in a trust to later become a wildlife foundation, only to be mismanaged by those entrusted with its care. The elderly ranch owner, in declining health, was manipulated, and his once-protected legacy was used for the personal gain of his attorneys and trustees. It’s a sobering reminder that even well-intentioned decisions can have unforeseen consequences if the wrong people are involved.
Despite the serious nature of this topic, I don’t want this discussion to feel negative or discouraging. My goal is to help you start a necessary dialogue with your family. Talking about the future of your ranch can be difficult, but it’s essential. Deciding how the ranch will be passed down, who will oversee it, and how to prevent conflict, should be part of these conversations. None of us can predict the future—not me, not your attorney, not your financial advisor. However, not establishing a plan will only make things more difficult to navigate for your loved ones when you are gone.
Remember, every ranch has a story. Make sure when you are writing your chapter, you are the one holding the pen.
I have a network of trusted estate attorneys, trust advisors, and other professionals who specialize in navigating these complex matters. When you’re ready, I would be happy to connect you with the right experts to guide you through the process. Please do not hesitate to reach out if you’d like additional information.
Sheldon Wellborn, Ranch Agent
Ranch Connection
Article published in the Bosque County Record Tribune.
Sheldon has a weekly column called THE BACK 40
Ranch Connection is a full service Land and Ranch Real Estate Brokerage established in 1984.
If we can assist you with selling your ranch/land please contact us at cynthia@ranchconnection.com
Please visit our website at www.ranchconnection.com
