Nuts and Bolts: Farm Transfers and Estate Planning
In this section, we take a look at some of the legal issues of transferring the farm, particularly estate planning considerations. Dr. Jesse Richardson, attorney at Virginia Tech, has been assisting us with the in-person workshops on these issues and agreed to help explain legal issues with the virtual workshop as well through the following video clips.
*Before* heading to the lawyer's office for estate planning or business entity development, it is really important for you to think about your estate plan, your desires and needs for the future. In addition, to save time and money, it's a good idea to gather documents before an attorney visit -- this checklist (pdf) may help you prepare for your meeting with the attorney.
In addition, visit the Farm Transfer and Estate Planning chapter of A Legal Guide to the Business of Farming in Vermont.
An Introduction to Estate Planning
Legal Documents Commonly Used in Estate Planning
In this video segment, the following legal documents are addressed:
- Power of Attorney
- Advance Directive
- Business Agreement
Probate and Farm Estate Planning
What is probate? An overview of probate and the probate process is covered in this video segment.
Wills and Transferring the Farm
In this video segment, Virginia Tech attorney Jesse Richardson describes a will which is a tool that:
- expresses your desires,
- names a guardian for minor children, and
- appoints an executor of your estate.
Wills and Trusts
The similarities and differences between wills and trusts are addressed in this video segments. How each can be used in farm family estate planning are covered.
A Look at Trusts
In this segment, attorney Jesse Richardson describes different types of trusts and how they can be used in farm estate planning.
Last modified March 21 2012 12:52 PM