The land you leave matters. The clarity, choices, and opportunities you leave your family may matter even more.
For farm and ranch families, that distinction is important. Land carries history. It represents years of work, sacrifice, risk and perseverance. But land is only one part of a legacy. The decisions you make today can create opportunities that reach far beyond the farm and may not be fully appreciated until your children and grandchildren need them.

Building a plan to define and protect that legacy doesn’t happen overnight. Fortunately, you don’t need every answer, or even a team of professionals, to begin. You can start on your own, perhaps with your spouse or a trusted family member, and take it one step at a time.

Consider this simple process:
Know what you know and assemble it.
Know what you don’t know and ask.
Let those who need to know, know.
Repeat.

Over the next several issues, we’ll explore each step with one goal: creating a legacy rich in opportunity.

Know What You Know and Assemble It: Part 1
Define the legacy by which you want to be remembered

Start with a simple question: How do you want to be remembered?

Write down your answers. You’ve probably thought about them many times, even if you’ve never put them on paper. This isn’t an admission that life is ending. It’s a recognition of what matters while you’re living it.

Is it your faith? Your family? Your farm? Your community? Perhaps it’s a church, school, local organization or charity. Maybe it includes your pets, livestock or a piece of ground that has been in the family for generations.

Think beyond possessions. What opportunities do you want your children and grandchildren to have? Do you hope they continue farming? Do you want them to have the freedom to choose another path? What values do you hope to remain long after ownership of individual assets has changed?

Write it all down.

Think of this as the beginning of a living document, one you and your spouse can revisit as you clarify your hopes for future generations. It will be incomplete at first, and that’s fine. You’ll fill in the gaps as you discover them.

Then stop.

Don’t rush to the next step. You’ve accomplished something important: You’ve begun defining what your legacy means.

Know What You Know and Assemble It: Part 2
“What time is the funeral, and I didn’t realize my inheritance included all your past-due bills.”
When someone dies, families face grief and responsibility at the same time. Big questions arrive immediately.

Where are the will and trust documents? Who is responsible for what? What happens to the house, land or farm? Who needs to be contacted?

Then come dozens of smaller questions, often the ones that exhaust a family.

The electric, water, internet and insurance bills are still due. Automatic payments continue. Animals need care. Business obligations don’t disappear. Passwords may be missing. Someone needs to find tax returns, account statements and titles.

No one wants their children to grieve while also wondering what unexpected bill or obligation will appear next.

That’s why organization is an important part of legacy planning.

Begin assembling the information your family would need if you were suddenly unable to provide it yourself. Include household utilities and account numbers; bank, investment and retirement accounts; life and long-term care insurance; homeowners and auto coverage; Social Security cards, birth certificates and marriage or divorce records; military discharge papers; mortgages and home-equity loans; property-tax records; and leases.

Add health and Medicare information, vehicle and equipment titles, watercraft or RV documents, pension information, charitable commitments and recurring automatic payments.

Don’t overlook the farm or business. Gather ownership records, articles of incorporation, bylaws, operating or partnership agreements, buy-sell agreements, loan documents, insurance policies, key customer and vendor contacts, and other records someone would need to keep the operation functioning.

Digital information matters, too. Include information about email and online accounts, phone passcodes, digital assets and authentication methods. Keep sensitive information in a secure location rather than an unprotected document.

Finally, create a list of people your family may need to contact: your CPA, attorney, financial advisor, banker, insurance professional, veterinarian, business partners and important family members or friends. Include prepaid funeral arrangements and your wishes regarding who should be notified.

Looking at the entire list can feel overwhelming.

So don’t tackle it all at once.

Gather one category at a time. Finish one folder. Find one account number. Record one important contact. Then move to the next.

What could become an enormous burden for your family can be manageable for you when completed in small steps over time.

A printable starter checklist and instructions are available at seedtosowfinancial.com and can be customized for your family, farm, and business.

The Take-Home Message
Only you can clearly define what you want to leave behind.

Your land may be an important part of that story, but your legacy is bigger than the acres you own. It includes the opportunities you create, the choices you leave available and the clarity you provide when your family needs it most.

A meaningful legacy doesn’t simply leave assets. It leaves clarity, direction, and opportunity.

Ben Glaus is a financial advisor and owner of Seed to Sow Financial, LLC. You can call or text Ben directly at 314-492-2383 for any topics you’d like to cover in upcoming issues. Ben’s expertise is related to the diversification of farm assets to provide the potential for sustainable growth. His clients are typically seeking investment-related income and wealth preservation.

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