Date of this Version
Farm and Ranch Management News (April 22, 2020).
Also available at https://agecon.unl.edu/assumptions-mistakes-parents-make-estate-plans.
The main take-home message should be that the parents: 1) have a plan and continue to revise that plan from time to time and 2) be sure to think through the unintended consequences of your plan. Hopefully, some of the common assumptions mentioned here can be put into place so that the family does stay together for decades to come.
This is not an exhaustive list of assumptions that can go awry. It is being presented as a place for family thought and discussion to start. For more information go to: http://agecon.unl.edu/succession. There are other articles and video segments that explain these concepts plus more information.