The following are examples of information that will be needed to initiate and fulfill your succession / transition plan:
Family Information
- Names
- Dates of birth
- Marital status
- Family tree diagram
- Farm management descriptions / hierarchy
- Successor mentorship
- Non-farm career ambitions of children?
- Other: ___________________________
Farm and Business Assets
- Land holdings (legal description, acreage, ownership type, value)
- Buildings and structures (descriptions and estimated values)
- Machinery and equipment (descriptions and estimated values)
- Grain and livestock inventory
- Vehicles
- Other: ___________________________
Financial Documents
- Bank accounts
- Investment accounts
- Insurance policies (life, disability, long-term care)
- Annuities
- Encumbrances
- Loans payable / receivable
- Other: ___________________________
Legal Documents
- Wills, trusts, powers of attorney
- Entity formation documents
- Operating agreements
- Buy-sell agreements
- Leases
- Other contracts
- Other: ___________________________
