Time is going by. As one generation ages on the farm, and the next generation seeks certainty in planning for their future and understanding the needs of the parents for their well-being. Emotions affect planning.

According to the brochure “What every older Canadian should know about: Powers of attorney and joint bank accounts,” power of attorney is a written, legal document authorizing one or more persons to manage your money and property on your behalf when you are unable to do so. 

Young farm families have many expectations to manage as they work on farms as employees, raise small children and juggle time for off-farm revenue. One of the best ways to have less stress about compensation from the farm is to figure out what you need for personal family living expenses.

Your personal wealth bubble is having some flexibility in your wealth creation beyond the wealth you are creating in farm assets.

When you are planted in a remote rural area, or far away from city friends, you must be very intentional about creating a life that aligns with your values and goals.

Find a lawyer you like. Ask other farmers which professionals have served them well. You can also go to the Canadian Association of Farm Advisors directory to find great advisers who care about agricultural families.