Communicating early and often can help you understand the expectations of your heirs and build a succession plan that balances the desires of each heir with your goals. You may have a child who loved farm work when they were younger, for example, but that doesn’t necessarily mean they want to return and take over the business. The more heirs you have, the greater the complexity.Įffectively navigating these waters requires frequent, clear communication. ![]() When there are multiple heirs involved, the farm transition process becomes more complicated. And while this is the simplest scenario, it doesn’t eliminate the risk of family members arguing about whether they should have a stake in the future of the farm or ranch. It’s also important to have a will in place. The last thing you want is to have your legacy handed to someone who isn’t prepared to fill your shoes. As you age, make sure you’re providing guidance to your heir. When you have a single heir, there is less concern about squabbling family members and less risk overall. This is the most straightforward situation when it comes to succession planning for farming families. Passing on the Farm or Ranch to a Single Heir Once you’ve answered these questions, you’ll know whether you have one or more heirs and what roles they’ll play in the future of your farm or ranch.
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