Property Ownership and Transferring Are Important Features of Your Farm Succession Plan
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Many people think an estate plan is just a will, but it is much more than that. Your estate plan will typically include documents and tools to distribute your property according to your wishes following your death. When it comes to transitioning your farm or any family business to the next generation, how property is owned and the property transfers prior to your death can be important features of your succession plan or estate plan. Titling property in a joint tenancy with rights of survivorship allows you to choose who inherits upon your death and to transfer the property outside the will. Transferring property, such as through gifting, allows property to go to the next generation prior to your death and provides control over who gets your property.