Establishing a legal document that dictates the handling of your estate is crucial for farmers.
By creating an estate plan, you can ensure that your wishes are not only clearly stated, but that everything gets taken care of the way you want it, even when you are unable to do it yourself.
What is an estate plan?
An estate plan is a combination of legal documents that outlines your expectations for your estate. This outline is used after your passing or in the event you become incapacitated. These plans can include documents like a will, trust or power of attorney.
Why do farmers need an estate plan?
As a farmer, you are a business owner, and your job is dangerous at times. Your estate plan needs to address not only your personal property but also what should happen with your business. Your land, equipment, buildings, crops and livestock all hold value. By creating an estate plan, you can designate what will happen with all of these assets.
What should an estate plan include?
Perhaps you want your brother to have your cows but your daughter to inherit your farmland and equipment. Whatever your preferences, you should include specifics about who your beneficiaries are and what they will receive. You should also name someone to be in charge of settling your estate, known as an executor. It may also be a good idea to include details of your medical decision preferences.
Estate plans are important for farmers on a personal and professional level.