The goal of passing on the farm to the next generation requires careful thought, communication, and planning. Estate and succession plans help farm families think through the transfer process. Most people do not want to think about death, however, and do not develop a succession or estate plan until it is too late. A lack of planning and communication could mean the loss of farm assets or even the end of the farm business altogether.
This fact sheet describes tools farm families can use to develop succession and estate plans. Before digging into the legal tools, families need to set goals, determine their future and present needs, develop a list of farm assets, and calculate the farm’s net worth (see Maryland Fact Sheet 414: Estate Planning: Goals, Net Worth and Final Instructions). This fact sheet was created to help Delaware Farm Families with the Estate and Succession Planning Process.
Estate and Succession Planning for Delaware Farm Families