Cambridge, southwestern Nebraska | Do you want your farm to continue in family hands or does it matter to you?
Does the one nephew farming want or expect to have access to your land someday?
If no is the answer to BOTH above questions then at some point split it up either with your siblings or all of your nieces and nephews.
If you would like to see the farm continue and the nephew wants it, work out a rent to buy plan. What ever is left at the time of your death could be paid to your heirs as continued rent to buy or the nephew would have to borrow the balance and pay everyone off. He would have to decide how much he could do. He might have to let some go. If you lived another 20 years, should work out good for him. If you died next year, not so good. He COULD take out term life insurance on you so if you died early he would have cash available to buy the farm.
If you want the farm to continue, the nephew will have to be treated differently. You have to hope the others understand and support what you’re doing otherwise it could tear families apart.
Before you finalize the will. Run it by everyone and see what feedback you get. Explain why you think you want to do it this way. Having no surprises later will work out much better in the long run.
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opinions wanted
