trusts

Is a Will or Trust Better for Your Farm Transition Plan?

| Robert Moore

A common question regarding farm transition planning is: “should I have a will or trust for my plan?”  Like most legal questions, the answer is “it depends”.  Sometimes a will is adequate for a plan while other plans should include a trust.  Knowing which you need requires an understanding of wills and trusts and the factors that should be considered when deciding which to implement.

A new publication, Is a Will or Trust Better for Your Farm Transition Plan?, discusses the differences between wills and trusts and provides nine factors to consider when deciding which to use for your plan.  The factors to consider are:

  1. Legal fees
  2. Complexity of the plan
  3. Probate
  4. Concerns about heirs
  5. Second marriages
  6. Transition of farming operation
  7. Taxes
  8. Privacy
  9. Control

The publication analyzes each factor and how it relates to a will and trust.  After reviewing the factors, an informed decision can be made regarding implementing a will or trust into a farm transition plan.  This publication is part of an extensive library of farm transition bulletins and publications available at farmoffice.osu.edu.

This article originally appeared at the Farm Office blog at https://farmoffice.osu.edu/blog/tue-11072023-508pm/new-publication-discusses-wills-and-trusts

New Publication Explains Trusts

| Robert Moore, https://farmoffice.osu.edu/blog

Trusts are often an important component of a farm succession plan.  But there are two primary different types of trust – revocable and irrevocable.  A revocable trust often meets most needs and can be the preferred choice for flexibility. However, in cases where enhanced asset protection or estate tax management is necessary, an irrevocable trust may be more suitable. Occasionally, a combination of both types may be needed for optimal results.

A new bulletin, Understanding Revocable and Irrevocable Trusts, is now available to help you compare these trusts and consider how each can play a role in your farm’s transition plan.  Find this bulletin and many other farm transition related resources at farmoffice.osu.edu.

Also, we are about to renew our popular Planning for the Future of Your Farm Series with several in-person workshops scheduled:

  • December 4, 2024 – Fulton County (9:00 to 4:00 p.m.)
  • January 23, 2025- Putnam County (9:00 to 4:00 p.m.)
  • February 6, 2025- Pickaway County (10:00 to 4:00 p.m.)
  • February 18, 2025- Clark County (9:00 to 4:00 p.m.)
  • March 3 & 17, 2025- Washington County (6:30 to 9:00 p.m.)
  • March 11 & 13, 2025- Wayne County (6:00 to 9:00 p.m.)
  • March 13 & 18, 2025 – Knox/Licking/Delaware County (6:00 to 9:00 p.m.)

An online webinar version will also be available on February 3, 10, 17, and 24, from 6:30 p.m. to 8:00 p.m.  For more information on both the in-person and online presentations, visit Planning for the Future of Your Farm Workshops.