Farmers face many challenges on a daily basis, however the greatest of them all may just be ensuring the preservation of their land. By having a proper estate plan in place, you can help prevent your cherished farmland from being lost. This article highlights a few misconceptions about estate planning that may negatively impact your farmland in the long run.

Oftentimes, farmers can fall victim to the idea that a legal will is unnecessary as the family will know how to divide the assets. However, the article states that without a valid will in place, the state ultimately holds the authority to allocate the assets regardless of the decedent’s wishes.

Another common misconception is that once a will is created, estate planning is complete. With all of the changes that can occur over the years – from tax laws to familial relationships – it is crucial to routinely update your estate plan.

In addition, many believe that equal division of assets is the best way to settle their estate. This is not the case across the board. It’s important to take into consideration who is involved with the farm and who is not. If equal shares are distributed among everyone, the future of the farm could be jeopardized.

If you are ready to discuss an estate plan for your farm or have any questions, give Rhodes Law Firm a call today.