Farming families are built tough and ready to handle the changing seasons and all the challenges the world can throw at them. You want to keep the farm in the family long after your retirement, cultivating a family farm that continues to pass down through the generations. In some cases, however, you may struggle to decide which of your descendants is most suited for carrying on that legacy after you’re gone.
Follow Their Interests
It likely didn’t take you long to learn which of your children was in love with the farm and which of them couldn’t wait to move on to a different life. Embrace the different personalities of your children. The farm doesn’t necessarily have to pass to your eldest child. Instead, choose the one who shares your passion and interests–the one who will most benefit from the farm as they grow older.
See Who Needs the Land
Some of your children may have already moved into the farming business on their own. Others may have jobs that require a residence closer to a local city. When you choose who to pass your farm down to, take a good, hard look at which of your children has need of the land.
Follow Your Gut
Deep down, you already know which of your children should hold the farm after you’re gone. It may be that you split it between all of them, that you leave provision for one child to have their portion bought out by their siblings, or that you leave the entire thing to a single child whose heart resonates with the land just like yours. Go with your gut and leave your farm to the child who will appreciate it most, keeping the farm a fixture in your family long after you’re gone.
Your family farm is a part of your heart. As you’re deciding how to leave that legacy for your children and who will best protect it, contact us. We’ll work with you to draw up a will and make the decisions that will keep the farm in your family.
