Planning For The Unexpected

A well thought out formal plan for transferring the ownership of a family farm sets out how you will do it on your terms.  However, what happens in the case of premature death or a severe disability that incapacitates you and you are no longer capable of making decisions? Premature death or a permanent disability can derail your plans for an orderly transition of your farm.  If this happens, do you have a contingency plan in place that will ensure the people you care about most will be looked after?  Death or permanent disability while running a business, if it is not planned for, can quickly destroy it.  This event can leave your family in a position where they have to wrestle with many personal and business issues with little or no guidance if there is no plan.