Risk management of farmsFarm operator - have you saved money for a rainy day?
On a farm, the greatest risks have to do with people
Are you prepared if something happens to you, your business partner or property?
Farmers possess valuable expertise and knowledge about their farm’s operation. That’s why risks that affect you personally are so critical to the continuity of your farm’s operations.
Are your important contracts in order?
A key aspect of risk management on farms is that contracts vital to the farm’s operations and continuity are drafted correctly. In different stages of the farm’s operations and the farmer’s life, it may be necessary to update or renew contracts.
Matters such as premarital agreements and legal guardianship and last will and testament should be sorted out when family relations change and people age. A power of attorney about legal guardianship should be made ahead of time while all parties are still of sound mind.
Consortium and partner agreements become relevant in situations when the farm is converted into a business, for example, or if you bring in business partners to your farm. By planning ahead, you secure your and your family’s and coworkers’ daily livelihood and the continuity of your farm business.
The larger the farm operation, the greater the role of various legal contracts.
Our network of lawyers provides expert assistance
As our customer, you have access to Finland’s largest network of bank lawyers, who are also familiar with the legal needs of agricultural entrepreneurs. Our lawyers are specialised in legal matters related to asset and wealth management, including:
- last wills and testaments, estate inventories and distributions
- intergenerational transfers, premarital agreements, and partitions of estate
- continuing power of attorney and
- deeds of gift.
Your OP cooperative bank can also assist you in contracts related to property transactions and leaseholds.
Also remember insurance cover
On a farm, managing risks is the farmer’s responsibility. For this reason, it’s important that you think and plan ahead regarding what the consequences of different accidents could be on your farm’s production and finances.
Many farmers forget to insure their farm’s most important asset: themselves. Has your farm insured its most valuable asset?