Losing Sleep Over the Farm's Fate

Problem: A farmer is worried his wife may alter their estate plan after his death, making it more difficult for their farming heir to grow the operation.

- By Myron Friesen Co-owner of Farm Financial Strategies. Operates a farm in Iowa with his wife and four children. farmestategps.com

I think my wife and I have our estate distribution planning done. I want our farming son to make it on the farm and grow our operation. My wife is in agreement but is also probably more concerned about our nonfarming children. Sometimes, I wake up at night feeling nervous that she could change our distribution plan if I die first. How can I fix that problem without making her think I don't trust her?

– From G.H.

Solutions:

Well G.H., You're not the first person who's had this concern, and you ask a great question! There are basically four options:

1. Leave the door wide open and trust that your spouse will never change the plan.

2. Specify in your planning that at least your half of the plan becomes irrevocable upon your death.

3. Lock the door on the entire plan right now and throw away the key.

4. Design your plan to become entirely irrevocable upon your death.