The first and most important step is devising a will. Liquidating your goods and distributing them is not as complex as passing on your farming operation intact. You should strive to resolve as many practical issues as possible during the estate planning process; which siblings will stay on the farm, distribution of work, ownership and profit, and any other questions which could cause conflict during the probate process. The process may be simpler if you have incorporated your farm, and ownership of the corporation can be transferred. The importance and complexity of this issue means that you should consult a lawyer with experience in agricultural estates.
If you would like to schedule a initial consultation contact an Iowa Ag attorney, representing clients in Independance, Iowa at the Dillon Law P.C. Give us a call at (563) 578-1850 or complete our inquiry form.