The great farming transition is on the horizon and farm families should be prepared

MORGAN, Minn. — One of the hardest parts about estate and succession planning for farm families is simply starting the conversation surrounding it. At least that’s what Erin Herbold-Swalwell thinks. “Maybe we've gone and we've gotten education on trusts and wills and the legal part of all of this, but what we haven't done is we haven't learned to talk with each other, and so I think the biggest thing that you can do is listen to your family members,” she said. ADVERTISEMENT Herbold-Swalwell is the associate general counsel in the legal department at Farm Bureau Financial Services. Within her role there, she works with farm families on estate and succession planning. Her efforts are primarily focused in the states of Minnesota and Iowa. She presented on farm transition planning at a session called "Changing Hands" at Minnesota Farmfest on Aug. 4, 2026. The presentation focused on practical tools, estate insights and strategies to protect a farm legacy. Herbold-Swalwell advises young people who are coming into the family farming operation and want a chance to be the successor on the farm to come in ready with a business plan. This will help the senior generation to understand what it is the young person wants to do on the farm and what they bring to the table. Herbold-Swalwell also advises young people to make sure their ideas and wants are known to the older generation. “Also tell them what you want from them because sometimes they don't know, right? There's that generation gap, and they don't know,” Herbold-Swalwell said. It’s a crucial time for succession planning on the farm, as Herbold-Swalwell shared that 70% of the country’s farm land will be transferred or transitioned in some way within the next two decades. On top of that staggering statistic, Herbold-Swalwell shared another statistic that could be scary for some, if they do not take the proper steps in succession planning on the farm. “If you don't plan right, the statistics, how as much as we can measure them, show that only 30% of those farms successfully transition to that next generation, whether that's through family infighting that they don't pass along, or there just isn't a plan, and so in the absence of a plan, things fail,” she said. Ultimately, Herbold-Swalwell advises families to take it step by step. By taking this approach, it helps the family not get overwhelmed when they first begin to discuss the topic. She also recommends that farm families do something every year in the process of estate planning. ADVERTISEMENT “What's really rewarding for me in working with farm families in this area is just seeing the reward that comes back to them when they do the planning. They feel more relaxed. They feel like you know I'm seeing some of the fruits of my labor transitioning on to that next generation during my life, and that can be a major reward to some of these farm families,” she said.