It’s the Only Sure Thing – Deal With It

By: Dr. Roy Burris, Extension Beef Specialist

There's really only one sure thing in this life and we have trouble dealing with it. What is IT? It is our mortality. We say things like "if something happens to me". Well, something is going to happen to you. You are going to die sometime. Deal with it. This is certainly not my area of expertise but lack of planning is such a widespread problem that I want to discuss it with you.

There are lots of ways to deal with this issue but I'm especially referring to estate planning. Farmers and cattlemen frequently have a great deal of assets involved in their operations. Yet many families have to eventually deal with settling estates that have been left in a legal mess….by people that know better but apparently just don't want to deal with such an unpleasant thought as their mortality.

Failing to think about or deal with your eventual demise won't keep it from happening. It will only insure that your loved ones will have problems getting legal issues resolved and each may have a different idea of what your wishes were.

You know what you need to do but it may not be easy or pleasant. First talk with your family. Let them know what you want and expect. More importantly, maybe find out what your family would like. It might surprise you. There are a lot of problems that could be solved around the dinner table if you would just talk openly with your family without being afraid that you might upset someone. You risk eventually upsetting everyone if you wait too long to act.

Our Master Cattleman program has one session that deals with estate planning. We don't just deal with managing the cow herd – managing your family business is more important. This is a good place to start the process. Regardless of your age, it is time to start the process.

Get your thoughts and plans down on paper, get things resolved in your mind. Then make the dreaded visit to your lawyer to dot the i's and cross the t's. You are probably not capable of doing this without legal help. Don't try. You should prepare your estate so that your affairs will be taken care of and your wishes attended to.

Do not wait until a trip to a nursing home is imminent to get your affairs in order. The government has a "reach back" period in which it can recover your assets if you try to transfer property at the last minute. You need a plan to protect what you have worked for and to assure its passage to the next generation. But, it's not all about transferring assets, what about a living will, dependent children, naming an executor, paying your bills, etc? One of the most difficult decisions I've been involved in during my lifetime was whether or not my father would be placed on life support or given a DNR (do not resuscitate) order. It had to be made on the spot and there was no living will. I believe that we did what he would have wanted but I certainly wasn't comfortable making the decision. I don't think that anyone is.

Yes, this is unpleasant to deal with for some people but it is just an essential piece of business that needs to be taken care of. You'd be surprised how many folks die "intestate" and leave a huge burden on their families to settle an estate. Don't let this be your legacy to your family. Get professional help and deal with it!