Farm Credit Canada (FCC) has released a new online tool that will provide producers with the starting point they need to think about how to successfully plan for the future of their operations.
The Farm Transition - Will and Estate Pre-Planning Tool for Canadian farms is based on Dr. Tom Deans’ Willing Wisdom Index platform and has been adapted to reflect the unique needs of Canadian farm owners.
Producers will get their own personalized recommendations and checklist minutes after answering a series of questions. The checklist will identify what is being done well and any existing gaps in estate planning. The will and estate tool can be used to start a conversation between family members on how to bring in and use resources like lawyers, accountants and wealth advisors in their plans.
“Many people in the agriculture industry tell us that will and estate planning is an overwhelming task and so it’s common for producers to avoid it,” said Greg Thomarat, FCC manager, advisory services. “By using the tool, producers will gain greater insight into this important step in their transition journey, as well as come away with a list of questions to bring to their advisors in advance of those plans.”
The will and estate pre-planning tool is free, completely anonymous and confidential. The personalized checklist and recommendations producers receive include actions that can be taken immediately. They can then go back to the tool multiple times to see their score improve and checklist change based on what they have accomplished.
The tool can be found at WillingWisdom.com/FCC.
