Farm Succession Planning to Key to Legacy

While it may be easy to overlook, an essential part of family farming that demands attention is succession planning. So says Jolene Brown, a succession planning expert. She sheds light on the critical role it plays within family farms and the potential repercussions if not properly addressed.

“So they certainly need something legal. They need it revised. They need it in writing and it needs to be transparent and shared. But even those documents have to be updated. Things change along the way. It's so important to say if something happened to me today, what happens right now? And one of the women I visited with needs to talk with her more, because if something happens to her husband right now, she has no security at all. She's a second wife. Everything was done before the second marriage and she's been married now for 20 years. Nothing changed from the first will was ironic. I also had a man who passed away and he hadn't changed his will and everything went to his ex-wife who forgot to take her off as a beneficiary of her own policy so that you the gratitude needs to come in the celebration, being so grateful for what you have and the opportunity to pass it on. With the right people doing the right thing.”

Brown says the importance of having a succession plan for the family farm is crucial to ensure its legacy continues for generations to come more on Jolene brown on her website at jolenebrown.com.