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Assessment of Farmers’ Knowledge of Intergenerational Transfer of Farm Assets

Abstract

Intergenerational transfer of farm assets refers to the process through which agricultural land, livestock, machinery, equipment, farm structures, financial resources, and other farm-related assets are transferred from one generation to another within farming families. Effective transfer of farm assets is important for maintaining the continuity of family farming, preserving productive resources, and preparing younger family members to take over agricultural enterprises. Farmers’ knowledge of asset transfer processes can influence their ability to plan and manage the transition of farm resources effectively. This study will assess farmers’ knowledge of intergenerational transfer of farm assets. It will determine the level of farmers’ knowledge regarding the planning, management, and transfer of farm assets between generations. The study will also examine farmers’ understanding of asset identification, succession arrangements, ownership documentation, valuation of farm assets, and the roles of family members in the transfer process. The study will focus on farmers’ knowledge of transferring agricultural land, livestock, farm machinery, equipment, buildings, farm businesses, financial resources, and other productive farm assets. It will also examine knowledge of succession planning, asset documentation, inheritance arrangements, asset valuation, family discussions, preparation of successors, ownership responsibilities, and decision-making processes associated with intergenerational farm asset transfer. A quantitative research approach will be adopted for the study. Data will be collected from farmers using structured questionnaires designed to measure their knowledge of intergenerational farm asset transfer. Descriptive statistics such as frequency counts, percentages, means, and standard deviations will be used to summarize the data, while knowledge indices, correlation analysis, and regression analysis will be used to assess the level of farmers’ knowledge and determine factors associated with their understanding of intergenerational farm asset transfer. The study is expected to reveal varying levels of farmers’ knowledge of intergenerational transfer of farm assets. Farmers with greater exposure to agricultural advisory services, farm management information, family discussions, financial education, and succession planning activities may demonstrate higher levels of knowledge. However, limited awareness, inadequate documentation of farm assets, family disagreements, cultural practices, limited access to professional advice, and reluctance to engage in succession discussions may create gaps in farmers’ knowledge of asset transfer processes. The study will be useful to farmers, agricultural extension agents, farming families, financial advisers, agricultural researchers, government agencies, non-governmental organisations, and policymakers. It may provide useful information on farmers’ understanding of intergenerational farm asset transfer and identify areas requiring additional education and advisory support. The findings may also assist agricultural organisations in developing farm succession and asset management programmes that support the continuity of family farming enterprises. The study concludes that adequate knowledge of intergenerational transfer of farm assets is important for promoting orderly succession, protecting farm resources, and maintaining the continuity of family farming enterprises. It is therefore recommended that agricultural extension and advisory agencies provide farmers with appropriate education on succession planning, farm asset documentation, asset valuation, family discussions, ownership arrangements, and intergenerational transfer processes to improve preparedness for future farm transitions.

Keywords: Farmers’ knowledge, intergenerational transfer, farm assets, farm succession, family farming, succession planning, agricultural land, farm machinery, livestock assets, asset management, farm ownership, inheritance planning, agricultural extension, farm management, rural development.