Often, the risk of failure for a farm or ranch caused by the death or disability of a young person is much greater than the loss of an older member of the operation. The loss of a young person is usually unexpected. Young people are often not as financially stable, have young families, and provide the bulk of manual labor. Estate planning is something anyone over the age of 18 should do, regardless of how little or how much they have in assets.
Before you meet with your estate planning attorney, ask yourself the following questions:
- If I am unable to make financial or business decisions, who do I trust to make them for me?
- If I am unable to make healthcare decisions for myself, what type of care do I want and who do I trust to make these decisions for me?
- If I die today, what do I want to happen to my stuff?
- If I die today, what are my family's financial needs?
This Center for Ag Profitability article shares the key components of an estate plan for a young farmer or rancher.
