How to approach farm succession planning with your family

Farm succession planning is a vital process that needs to be addressed by those who own a family farm. It is an important step in ensuring that the farm is passed down to the next generation, and there are many aspects that need to be taken into consideration.

This includes deciding who will take over the farm, how the transition will be handled, what steps will be taken to secure the future of the farm, and how to make sure that the farm is in good hands.

It is important to keep in mind that farm succession planning is not just a one-time event, but an ongoing process that requires ongoing review in order to keep the farm running smoothly.

Action Items for Farm Succession Planning

• Decide who will take over the farm and when the transition will occur

• Speak to a lawyer to determine how the transition will be handled and liaise with your accountant as part of the process

• Prepare your necessary legal documents

•  Regularly review and update the farm succession plan where required