ESTATE PLANNING FOR FARMERS AND FAMILIES

Farmers are a special breed who work hard to ensure they and their families have plenty of food to eat and a roof over their heads. You’re dedicated to your work, taking pride in the land you work, raising livestock and growing crops to feed your families or sell for profit. However, you need to plan for the unexpected so that if something does happen, your family and business will be taken care of.

Here’s a list of issues you should address: 

The Children

  • What would happen to the children if both parents were to pass away?
  • Who would take care of them, and until what age?
  • What would happen if an only parent were to pass away?

Make sure you have a will that:

  • Assigns a guardian for your children
  • If there’s an inheritance for the children, who will take care of this? Make sure you assign a trustee for the estate.
  • Always choose two qualified people for each position and communicate your intentions with them to ensure they’re up for the responsibility.

     

The Farm

  • What will happen to the farm? 
  • Who would take care of the farm?

Make sure you have a will that will deal with your farm assets.

Assets and Liabilities

  • What are your assets? Create a detailed list of your assets: Home, Family Farm Interest, Investments- Non registered, TFSA, RRSP, RDSP, RESP, Insurance Policy, Property and additional revenue sources.
  • What are your liabilities? Create a detailed list of your liabilities: Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)
  • Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who the beneficiaries are of your assets
  • Understand your liabilities- who’s on the hook for paying back the loan?

Make sure you have a will that:

  • Assigns an executor
  • Provide specific instructions for the distribution of assets
  • Always choose two qualified people for each position and communicate your intentions with them to ensure they’re up for the responsibility. 

Ongoing Needs

What are your family’s ongoing needs?

  • List out the living expenses
  • List out income needs
  • Do you still need to pay for school?
  • Determine if you have enough (assets minus liabilities) to take care of the family and farm.

Make sure you review your insurance.

  • Once you determine how much need there is, review your life insurance coverage to see if it meets your needs or if there’s a shortfall.

Who can help? 

We can. We can guide you in getting your estate in order and work with other professionals to ensure your farm and loved ones are taken care of. 

Next steps

Contact us to help you get your estate planning in order so you can gain peace of mind that your family and farm are taken care of.

How can we bring peace of mind?