by Dennis Stein, Michigan State University Extension
Posted to Drovers Cattle Network (www.cattlenetwork.com) July 10, 2013
The process of transitioning a farm from one generation to the next often runs into problems when family members have not put their transition and estate matters into a written format. Getting the paperwork completed must happen prior to the death of any of the major players in the family business. Too often we procrastinate until we see that someone is slipping into poor health to get started on developing a plan and taking necessary actions. Not having a will can leave the entire family in turmoil if someone dies, divorces, becomes disabled or becomes disassociated with the family farm business.