Building a Farm Succession Plan #5: The Four Legal Documents
An estate plan tells the government what you want done at your death, but it does not teach anyone how to run a farm, and that gap is where many families get stuck. In this episode of the five-part Nebraska FARMcast series on building a farm succession plan, Jessica Groskopf, Extension agricultural economist at the University of Nebraska-Lincoln, breaks down the four documents at the heart of an estate plan: a will, a power of attorney, a health care power of attorney and a living will. She explains probate, how a trust can help you avoid it, and why beneficiary designations and property titling deserve a careful review.
Produced and hosted by Lexi Bodlak, Nebraska Land Link Program Intern.
Find resources for farm and ranch transition and estate planning on the Center for Agricultural Profitability's website, https://cap.unl.edu/succession.
