AN UPDATED WILL IS THE MOST IMPORTANT PART OF A TRANSITION PLAN

By Farm Credit Canada

THERE ARE MANY STEPS AND TASKS on the pathway to transition, but writing and updating a will is the most important. It’s impossible to overstate how important this step is and shocking how many farmers either don’t have one, or it’s woefully outdated.

Transition builds a shared vision between multiple generations. It also involves hard assets like land, buildings, quota and equipment. The most impactful way to address both is to write a will that matches the business plan. Ask the question: can the farm business support the financial obligations outlined in the will.