Using legal agreements
Focus on Farm Transition videos provide strategies and advice to help you navigate the key challenges and questions that arise during the farm transition journey.
Legal agreements are an important, but rarely used tool on the farm. In this episode, Patti talks with a lawyer and transition planning specialist on why you need them, which ones to consider and why in today’s complex environment, a handshake is simply not enough.
- Legal agreements can be complex, but can help you plan for the worst
- Getting something in writing doesn’t mean lack of trust - it means you’re managing risk.
- Will & power of attorney, Interspousal and Partnership agreements are a few key documents to consider.
- While a will is part of estate planning – it is not a transition plan.
- Interspousal agreements are highly encouraged and can be simplified to protect specific assets and brought up with your expert's support
- Decide on what you want to accomplish and work with experts to get you there