Subject 8. Insurance, Records and Planning

What would happen on your farm or ranch if an emergency occurred
and the primary decision maker was away or incapacitated? Is there someone else who can make decisions to protect people and property?

Decide who should be the back-up person and make sure they know enough about the operation and are authorized to make critical decisions. Share any plans and information you have developed with them. Consider providing a Durable Power of Attorney to be used in emergency situations.

Be sure to provide the name and contact information for designated individual to your emergency information for responders.

What would happen if the primary decision maker becomes disabled? Can your farm business survive? Decide who will carry on farm operations, either temporarily or permanently. Be sure to discuss this with them.

Are you interested in keeping your farm or ranch in the family? Are your children interested in continuing the farm business? Think through how you will transfer the farm business to the next generation. Don’t expect your children to understand how the operation works unless you teach them. Provide opportunities for them to make decisions and learn.

While no one likes to think about it, you and your business partners/family should have an estate plan in place to ensure your heirs can continue to farm if you unexpectedly die. Learn more about estate planning. Contact your lawyer for assistance.