I grew up on a dairy farm on Nicomen Island near Mission, BC and have immediate family and relatives operating dairy, poultry and crop farms. As co-executor (with two brothers) of my father?s estate, I know all too well the result of not having a proper farm transition plan in place.
Our dad had a poorly executed, unworkable Will and a non-existent farm succession plan. This led to family discord. Despite receiving the majority of the assets, the brother who inherited the farm suffered financial distress and became insolvent. A proper transition plan would have helped him get the financial and farm management training he needed. Read More.