06 Nov Is Your Farm Ready for the Next Generation?
By: Laura Vaught
One of my favorite things about growing up on a farm is the family legacy associated with our farm and the generations before me who have farmed. Many other farm families I know have also worked the same land for generations and would like to see that continue into the future.
There are several legal tools that can help you in preserving your farm for the next generation. The first and most obvious one is the last will and testament. If you do not have a will, you should have an attorney draft one for you. A will helps you plan for passing along your farm, but it also helps ensure that there is a plan to care for your family, including care of minor children.
Even if you have a will, you should consider reviewing it to determine whether it still meets your needs, especially if you have acquired additional assets, your farm business has changed, your executor could no longer serve in that capacity, or if you have new potential heirs, among other things.
An updated last will and testament is a critical piece of your farm legacy planning process. Without one, your assets could be distributed in a manner that was not your desire or intent. A will is one tool that can help keep your farm together and maintain your family’s legacy for generations to come, as well as make the process of transition easier for your family.
About the author: Laura grew up on a farm in Lascassas, Tennessee, and is passionate about serving farmers and other agribusiness owners through her legal practice.