When it comes to estate planning, we tend to think of wills, trusts, and powers of attorney. But there are other things you can do before those documents are drafted to make creating those documents easier and smooth the transition upon death.
A good idea is to create a binder that contains your retirement plan information and anything else your children, lawyer, accountant, or executor might need in the event of your passing. Also, ensure all the right people know where to find the binder and have access to it.
What farmers & ranchers should put in their Estate Planning binder:
- Copies of health and life insurance policies;
- Burial plot location and funeral instructions;
- Also, provide your email, computer, phone passwords, bank account information, and data about your debts and bills;
- Copies of your driver’s license, birth certificate, social security card, and marriage license;
- Any real estate documents and an exhaustive list of your assets — land you own, stored crops, livestock, and marketing contracts.
- Copies of crop insurance policies, USDA program contracts, and all your key business relationships.
Collecting this information in advance will be immensely helpful for any additional steps in the estate planning process. It will also likely allow more efficient use of an attorney’s time in drafting the necessary documents for your estate plan.
Read more of Roger McEowen’s thoughts on agricultural law and policy issues that matter to farmers and ranchers on his RFD Business Blog, Firm to Farm.
