Because the original is played on banjo, I recommend playing the song in open G tuning: 
DGDGBD.  It's a fairly simple tuning to get even for beginners and only involves tuning 
the E, A, and e strings down a whole step.

I also highly recommend fingerpicking the rhythm but you can use a pick if you're more 
comfortable with it.

The notes plucked barely translate to full chords, but for those who would like them 
I'll try my best to identify the best chord to fit.


  D7                        Cadd9             F6                   Cadd9
d|-----------0-------------|---------0-------|---------0----------|---------0-------|
B|-----------0h1----1------|---------0h1---0-|---------0h1---1----|---------0h1---0-|
G|-------2-------2---------|------0------0---|------2------2------|------0------0---|
D|----0--------------------|---2-------------|---3----------------|---2-------------|
G|-------------------------|-----------------|-------------------=|-----------------|
D|-------------------------|-----------------|-------------------=|-----------------|

[This pattern repeats the entire song, starting on the D7 at the beginning of each 
phrase.  It should be very straight forward but I've labeled where the chord changes are 
approximately in each line if you're off on the changes.]




D7  Cadd9   F6   Cadd9

D7      Cadd9    F6        Cadd9       D7 Cadd9 F6 Cadd9
    If I am alive this time next year
D7        Cadd9        F6      Cadd9      D7 Cadd9 F6 Cadd9
    Will I have arrived in time to share?
D7        Cadd9  F6     Cadd9      D7 Cadd9 F6 Cadd9
    Mine is about as good this far
D7         Cadd9     F6      Cadd9      D7 Cadd9 F6 Cadd9
    I'm still applied to what you are
   D7    Cadd9    F6         Cadd9      D7 Cadd9 F6 Cadd9
And I am joining all my thoughts to you
    D7     Cadd9   F6   Cadd9      D7 Cadd9 F6 Cadd9
And I'm preparing every part for you

I heard from the trees a great parade
And I heard from the hills a band was made
Will I be invited to the sound?
Will I be a part of what you've made?
And I am throwing all my thoughts away
And I'm destroying every bet I've made
And I am joining all my thoughts to you
And I'm preparing every part for you