Other assets such as life insurance and retirement plans have designated beneficiaries. The asset type and ownership determines whether the asset is subject to probate court jurisdiction or whether it passes outside of probate court jurisdiction. Finally, farm estate planning is not only a concern for older persons. Farm estate planning should be done early and periodically reviewed. No one knows when he or she will die.
Estate laws change from time to time.
Farm estate planning involves the lifetime use of assets as well as the distribution at death. Farm Estate Planning Program University of Illinois Extension Champaign Unit is presenting a program for persons interested in farm estate planning. The program will cover many of the farm estate planning issues. Estate tax is a concern of many farm people. Intergenerational transfer of farm assets interests other farm people.