Why Waiting to “Figure It All Out” Can Cost You the Family Farm

Too many farm families wait to make an estate plan until they “know exactly what they’re doing.” They want to have the perfect succession strategy in place before anything gets written down.

That’s a mistake.

At Wagner Oehler, we help family farmers build and protect their legacies every single day—and we’ve seen what happens when families wait too long.

Let’s be blunt: If something happens and there’s no plan in place, there’s a real risk the farm doesn’t stay in the family.

When a Plan Doesn’t Exist

One common scenario: a married couple still relying on a will from 1980. It leaves everything “equally to the kids,” names guardians (because the children weren’t even adults yet), and hasn’t been touched in decades.

But now? The kids are grown. One or two are farming alongside their parents. The others have moved on. Equal distribution may sound fair—but it often leads to fractured ownership, legal disputes, and the end of a multigenerational farm. Think about it: would you even own the farm if prior generations had split everything among all their children equally? Not a chance.

The parents say, “We’re still deciding. We’re not sure yet.” But while they wait for certainty, that outdated will is the only plan in place. And if one of them dies or becomes incapacitated? That 40-year-old will becomes the blueprint—whether it still fits the family or not.

Real Families, Real Consequences

We’ve seen it happen:

• The farming heir becomes ill and cannot handle his business affairs. There’s no power of attorney. Grain can’t be sold. Bills can’t be paid. Even his spouse has no authority because the assets were titled only in his name. A court-ordered guardianship becomes necessary—costly, time-consuming, and completely avoidable.
• A grandson is farming full-time with his dad and grandfather. Three generations, working together. But Grandpa never updated his plan. When he dies unexpectedly, the family is already shaken. Then Dad falls ill and passes shortly after. The grandson—who’s devoted his future to the farm—has no legal rights, no financial backup, and no protection. The rest of the family may have good intentions, but intentions don’t hold up in probate court and they can’t overcome what the law dictates as a result of the failed estate plan – everything gets divided equally.

Without a plan that reflects reality, dreams die fast. Generational family farms are lost in moments.

Estate Plans Are Meant to Be Updated

Here’s the part too many people miss: estate plans aren’t set in stone. Wills can be amended. Revocable trusts can be rewritten and restated. Powers of attorney and healthcare directives can be changed over time.

The key is to get something in place now—a foundation that protects your family and your farm—so that life’s unexpected turns don’t derail your entire legacy.

Then, as your farm evolves, you can update the plan accordingly. That’s how real, effective succession planning works.

Estate Plans Aren’t Just Legal Tools—They’re Shields Against Family Fallout

And let’s be real: if you wait until just before your death (even just a few years out) to create your estate plan for the first time, the odds of that plan being challenged are high.

Across the country, we’re seeing contested estate plans after death at record rates. What happens then? Your medical records get subpoenaed. Your children end up battling each other in court. Your words are picked apart. You’re painted as the parent who “lost the farm” by some—and revered as the one who “would’ve wanted everyone to have a share” by others.

Even bogus challenges can cost tens of thousands to defend, drag on for years, and permanently fracture family relationships.

This isn’t a hypothetical. It’s happening—right now—in your own county courthouse. And it’s not outsiders bringing the lawsuits. It’s family.

Don’t Let the “Perfect Plan” Delay the Right One

Farm succession planning can take years to fully implement. That’s okay. But in the meantime, you must have a fallback: a foundational estate plan that includes:

• A power of attorney for financial decisions
• A healthcare directive in case of medical emergencies
• A revocable trust or updated will that reflects current wishes and family dynamics

Without these basic tools, all the long-term planning in the world won’t matter when something goes wrong.

Your Farm Deserves Better Than “Equal Shares and Good Luck”

Every farm family is different. That’s why our planning is personalized, flexible, and built to evolve with you.

You don’t need to have everything figured out to start. But you do need to start. We’ll help you with the rest.

Ready to protect your land and your legacy?

To learn more about farm succession and estate planning, keep an eye on our Events page located at: https://www.wagnerlegalmn.com/events/.

If you’re ready to start being proactive about your estate plan, contact us to get started.

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Let’s make sure your family farm stays a family farm.