In my work with agricultural families, I’m seeing a growing and difficult reality: many farms and ranches today don’t have a successor within the family. While this absence can simplify parts of estate planning, it often creates deeper, more emotional challenges, especially when legacy and identity are tied to the land.
This article is the fourth in a series supporting farm and ranch owners facing this transition. If you're just joining, I recommend reading the earlier pieces for a valuable background. You can find them at cap.unl.edu.
Once you've answered the critical question, “what do I want to happen to my farm or ranch when I die?,” and you have identified a team of advisors, your next step is establishing a basic estate plan.
Regardless of your long-term goals, these four foundational documents are essential:
- Healthcare Power of Attorney
Names someone to make medical decisions if you're unable to. Without it, loved ones may be blocked from involvement due to privacy laws. - Healthcare Directive (also known as a Living Will)
Outlines your medical care preferences in serious situations, ensuring your wishes are known even if you can’t speak for yourself.
