DON’T wait. Unfortunately, some farmers pass at an early age and have no plan in place. This can create major problems for family members. Contact a skilled estate planning attorney right away to help you make a plan.
DO communicate. Ask yourself whether you want the farm to continue. If so, you need to communicate your expectations clearly so that the plan is known. Families need to have a legal estate and management transfer plan or a buy or sell agreement prepared. All of the concerned parties need to discuss details that go beyond the will.
DO make sure there’s enough money. It’s not that you need to have a super-prosperous farm ready for someone to take over. The next generation needs to be prepared with a business plan of how they will be adding value if they join the farm.
DO get it in writing. Remember that a conversation or phone call isn’t a binding legal contract. Work with your estate planning attorney. He or she will make sure that everything is legal and above board.
