OTTAWA — Advance planning of wills and estates is crucial to farm transition, but a topic too often avoided. Now there’s a free online tool from Farm Credit Canada to make the process easier.
“Often the second generation is waiting for their parents to say, “Hey, we need to talk about where the farm is going,” but the kids don’t know how to start the conversation and the parents are afraid of the conversation, and then if someone dies, it’s a mess,” says Dr. Tom Deans, creator of the “Willing Wisdom” index that FCC adapted for the new tool.
The process only takes an estimated 8 to 10 minutes. The farmer goes through an online checklist and receives recommendations that can spur an important family discussion.
“Many people in the agriculture industry tell us that will and estate planning is an overwhelming task and so it’s common for producers to avoid it,” FCC advisory services manager Greg Thomarat said. “This tool complements the FCC’s Advisory Services who are already helping Canadian farmers begin these conversations.”
Access the tool at WillingWisdom.com/FCC.
Source : Farmersforum