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At some point on most ranch operations, there is a difficult conversation that needs to take place. In fact, management transition can be one of the biggest challenges some ranches ever face.
Bought to you by:
the Fence Post
and The AG LEGACY Team
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A will is a document that describes the last wishes of an individual after his or her death, including how property should be distributed and who should manage the estate of the deceased person. A will’s primary functions can be divided into two categories: (1) those directing the distribution of the decedent’s estate and (2) those nominating individuals to represent the decedent and his or her estate.
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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ADDRESSING FAMILY STRESS:
Culture of open communication
Allow sharing of ideas openly
Everyone wants to feel their opinions
are heard and matter
Family meetings
Family business meetings
OTHER COPING SKILLS:
Making decisions democratically
Planning ahead for stressors
Reduce blame
More emphasis on “quality family time”
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The law in some states allow a person who has signed a will to use a separate document (Personal Property Memorandum) to direct who will receive certain pieces of tangible personal property after death. Such a list provides a great deal of flexibility without the need to constantly update a will.
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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The Why Build Relationships module covers challenges to managing relationships between generations in any family. See our recording outlining the how to build your relationships with next generation at AGLEGACY.org.
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Many people tend to avoid the discomfort of issues relating to death and dying, including estate planning. Because of this, more than half of Americans lack basic wills.
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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* Who will take over as this generation continues to age?
* How we can build relationships between generations now?
* What makes farm and ranch families unique?
* What are the sources of stress among and between generations?
* How do we counter-act the stresses of modern life?
* What can we do to reduce the blaming in our communications?
FOR ANSWERS:
See our recent newsletter and online module materials covering: Why Grow Relationships with the Next Generation?
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One of a parent’s greatest fears involves what will happen to his or her minor children in the event of the parent’s premature death or incapacity. It may be a good idea to think about what you would like to happen in a true “worst-case scenario” and undertake legal steps to plan for that situation before it happens.
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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Helping agriculture nurture its legacy . . .
A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. A legacy is not just money but a reputation, what was accomplished, and the difference a person makes in the world as they pass through.
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Estate planning is perhaps the most caring task you can undertake for your survivors. A number of documents may be used to implement and communicate your goals for your estate. AG LEGACY Materials can help understand what your options are.
AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
