Purdue Extension offers The Farm’s Legacy, a guidebook for intra-family succession.

By Jeff Burbrink
Ag & Natural Resources Extension Educator, Purdue Extension LaGrange

Jeff Burbrink

LAGRANGE — Like many people, I have not kept my estate plan as up to date as I should. Life has a way of getting in the way with those sorts of things, and planning is an easy thing to put off until later. But this year, I have decided I am going to change that. No more procrastination! No more using the kids’ activities or my career as an excuse! It is time to get this thing modernized!

My estate plan will be relatively simple to work through compared to that of a farmer. I don’t have a business or a big spread to pass along to my kids. Just our home property, a few accounts, and some items that have special meaning to our family members. Still, for some people, setting up an estate plan can feel intimidating, or to some people, maybe a little morbid.

Generally speaking, it helps save money and time if you can gather your information together before you sit down with your advisors. The more you have organized, the less time your attorney and other advisors will need to spend on your case. Purdue Extension has gathered some resources together in a central location that may be of help in that process: tinyurl.com/PUsuccession.

There is a lot of good information at that site, and much of it would be useful to all people wishing to organize their estate, not just farmers. One of the most useful pages is an Estate Planning Worksheet.

It contains pages to help organize your thoughts, accounts, liabilities, personal documents, life insurance and assets, as well as a place to assemble important information about your family the planners will need. There is advice built into the worksheet to help you think through your selection of an attorney and advisors. There are checklists to help you walk through the process. There are definitions of common estate planning terms like living wills, power of attorney, trusts and executors.

I realize this is one of those “Do what I say, not what I did” pieces of advice, but once you have your plan in place, it is good to review it every few years. It is amazing how things can change in just five years. A routine review is important.

While doing paperwork is never a lot of fun, it is relieving to know that your affairs are in order and your legacy can be passed on to the next generation in an orderly fashion.