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Communication is key throughout the succession planning process

An associate attorney at Ag and Business Legal Strategies says it’s never too early to take the first step in the succession planning process.

Austin Peiffer says communication is key. 

“Those conservations are hard, and they can be uncomfortable, but it’s worse when they don’t happen,” he says. “A death in the family is a difficult and stressful time. If you add on a surprise about who gets what in the will, that’s a breeding ground for conflict and resentment.”

He tells Brownfield farmers should have most information available before hiring an attorney.

“Talk about what you’ve built and your priorities,” he says. “That will help you lay out what you should do before you go talk to the lawyer to go implement that.”

Peiffer says having a detailed estate plan can help ensure equal family distribution.

AUDIO: Austin Peiffer, Ag and Business Legal Strategies