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3. 2009 National Extension Risk Management Education Conference

It’s More than an Estate Plan:Transferring Instructions, Wishes and Assets to Younger Generations

Rodney L. Sharp

Summary

In this workshop participants are exposed to two important components of transferring a legacy to younger generations in agriculture. This hands-on workshop covers 1) Instructions and Final Wishes and 2) Financial Assets and Real Estate.
The first section provides workshop participants with the process of identifying and documenting instructions and final wishes at the end of their lives; where would they prefer to live, where would they want to die, what medical care would they like to receive, who should care for their dependants, and those things pertaining to their burials and memorials.
Death is a natural part of life, but people have a difficult time thinking and talking about their own deaths or the death of a loved one. So planning for death is often avoided. While people cannot control every aspect of the end of their lives, there are many issues over which they can access some control to ensure a more desirable outcome.
The second section addresses the subjects of estate planning, financial planning, and transferring real property. Estate planning provides guidance for financial security during retirement, transfer of assets, and continuation of businesses after their deaths. The financial planning section helps workshop participants through the process of how to arrange their financial affairs, including paying monthly bills when they are unable to do so. Transferring ownership of real property provides some unique issues to consider and potential consequences.

Details

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