Young farmers should add these important tasks to their to-do list to avoid unnecessary stress and legal issues, says Shannon Ferrell, ag law professor with Oklahoma State University Extension.

1. Nominate a guardian for minor children. You should also designate funds for the guardian to raise your child. Trusts can be good tools for this.
2. Identify powers of attorney for the farm business and also for decisions related to health care.
3. Consider a life-insurance policy for yourself and your spouse. These funds can be used to satisfy operational debt. Additionally, life insurance becomes more expensive as you age, so purchasing a policy early can offer financial benefits.
4. Develop a contingency plan for every key person in your operation. If you lose an important player tomorrow, what do you do? Use clear and easy-to-follow instructions.
5. Create a list of all your online accounts and passwords. Also, list your professional advisers with contact information.
6. Ensure your farm records are current.
7. Journal what you do on a weekly, monthly and annual basis. This will be a huge asset to your family and team in the event you leave the business unexpectedly, regardless of the reason.

Excerpt from Top Producer Magazine article:  “Plan Before Need”

By Sara Schafer, Top Producer Editor

Read the full Top Producer Magazine article here:

 

 

 

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