When asked, most farmers would say they’d like to pass on their farm to their kids once they’re ready to call it a day. Unfortunately, the likelihood of this actually happening is depressingly slim. A big part of this is simply due to the fact farmers neglect to actually plan for passing on their legacy when the time comes, leaving their family in disarray and unsure of what to do.
To avoid this chaos, it means making the right plans and lots of them. This can take several forms, from written documents to just a simple conversation between family and loved ones, but the key is to start work on something before it’s too late.
In terms of specifics, though, one of the most critical things for planning your farm legacy will be a will. If there’s nothing else to go off, your will tells everyone important to you what you want to happen to your estate, your money, your possessions, and anything else in an official capacity. This, plus other official things like trusts, Power of Attorney documents, and land and housing deeds should all be included in your plans, not to mention reviewed annually to make sure they’re up to date.
Even more important is to make sure everyone is on the same page about how your farm will be inherited. Dropping a bomb like leaving everything to one child and nothing to the other would be a really bad decision in a multitude of ways, so it’s a good idea to discuss things like this in advance. It’s also a good idea to consider the wishes of children and loved ones while you plan, since giving your farm to a child who has no interest in continuing to farm wouldn’t make any sense, especially if there’s another child or relative more than happy to inherit it in their place.
For more information on how to plan your farm legacy, visit AgriLegacy today and see what our helpful resources and guides can do to prepare you for passing the torch.
