Time is going by. As one generation ages on the farm, and the next generation seeks certainty in planning for their future and understanding the needs of the parents for their well-being. Emotions affect planning.

According to the brochure “What every older Canadian should know about: Powers of attorney and joint bank accounts,” power of attorney is a written, legal document authorizing one or more persons to manage your money and property on your behalf when you are unable to do so. 

Young farm families have many expectations to manage as they work on farms as employees, raise small children and juggle time for off-farm revenue. One of the best ways to have less stress about compensation from the farm is to figure out what you need for personal family living expenses.

In January, I had the delight of watching a group of 20 farm employees and managers racing against the clock to change race car tires in Bob Parker’s “Pit Crew Challenge.”

Your personal wealth bubble is having some flexibility in your wealth creation beyond the wealth you are creating in farm assets.

When you are planted in a remote rural area, or far away from city friends, you must be very intentional about creating a life that aligns with your values and goals.

As mom to a young successor and wife to a very ambitious, determined, successful seed grower who is wired to get tasks done, I’m seeing firsthand how it can be an interesting journey to graciously let go of control and mentor the next manager of your farm business.

Find a lawyer you like. Ask other farmers which professionals have served them well. You can also go to the Canadian Association of Farm Advisors directory to find great advisers who care about agricultural families.

“Help, my siblings want farmland!” is one of my most viewed blogs. Our current reality of higher interest rates and rising land values needs to be addressed early on in your transition conversations.