How Often Should You Update Your Farm Estate Plan?

You’ve taken the important step of creating a farm estate plan. You’ve identified who will carry on the operation, made decisions about how assets will be passed on, and set the groundwork for your farm’s future. That’s a big win—many families never make it this far, and it can make all the difference in avoiding family conflict, tax burdens, or even the loss of the farm itself.

But once your plan is in place, how often should you revisit it? How much “maintenance” does it really need?

The short answer: every three to five years—or sooner if your circumstances change.

Progress Over Perfection

One of the biggest mistakes farm families make is waiting for the “perfect” plan before moving forward. The truth is that estate planning is never truly finished until the day it’s needed. Your farm is always growing, changing, and evolving. The same goes for your plan.

Think of your estate plan like a tractor—you wouldn’t buy one and then never change the oil or replace the tires. Just like your equipment, your plan needs regular care and updates to keep running smoothly.

Regular Reviews: Every 3–5 Years

A good rule of thumb is to review your farm estate plan every three to five years. This doesn’t mean starting from scratch each time, but it does mean checking in to see if tweaks are needed.

Ask yourself:

• Have you purchased or inherited new property?
• Has the farm economy shifted, making pricing terms outdated?
• Do you feel more (or less) confident in who your farm successor will be?
• Have life insurance policies or other financial tools in your plan changed?

By taking time for these periodic reviews, you prevent small cracks in the plan from turning into major problems later.

Key Life & Farm Events That Trigger Updates

Beyond the regular check-ins, certain life events should automatically send you back to your plan:

• Buying or inheriting property – New assets need to be properly titled and included in your trust.
• Insurance changes – If life insurance used to fund part of your plan expires or changes, new strategies may be needed.
• Retirement from farming – Moving from active operation to renting out land requires different planning tools.
• Farm successor changes – Maybe the original successor is no longer the right fit—or perhaps more than one child is ready to step in.
• Shifts in land values – With high land prices, outdated “buyout” terms can make it nearly impossible for the next generation to succeed.

Keep Your Farm’s Future Secure

An outdated plan is almost as risky as no plan at all. A will written 20 years ago—back when the kids were little—may no longer reflect today’s reality. Land values, tax laws, and family dynamics change. The cost of ignoring these updates could mean financial strain or even the loss of the family farm.

Updating your plan isn’t about making huge changes every time. It’s about being a responsible steward of your land and legacy—just as you are with your fields, equipment, and livestock.

Your farm deserves that kind of care.

Ready to review your farm estate plan? Don’t wait until it’s outdated. Schedule a review today to make sure your plan still reflects your farm, your family, and your goals for the next generation.

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

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

Want to stay informed? Subscribe to our quarterly newsletter for updates.