FJAG
Army.ca Legend
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I'm not sure what benefit a testamentary trust has in this situation. By definition, it is a trust which is created within your will at the time of your death so that the asset is not passed to the beneficiary completely, but under a manged structure.
As far as renting your farm out, most farmers that I have dealt with in the past, rent their farmland out under a crop share basis which leaves the tenant responsible for all the management of the land paying a percentage of the crops value to you each year. See a lawyer to ensure whatever agreement you make has all the terms that you want (including term of lease, structure and/or yardage included, equipment included, renewal options, condition the tenant has to leave the land in at end of lease etc.)
If the farm also has a residential structure that you wish to rent out ensure that you comply with any residential tenancy laws/regulations that apply in your province. Again, discuss it with your lawyer.
The advice that other posters have given you about what service is like is good. Take my word for it that regardless of whatever trade you are going into you will not have the time that you need to do anything other than check up on the farm occasionally. I had a battery commander who had a farm nearby once and while he rented it out he treated parts of it as a hobby farm on weekends - it was good for neither the battery nor the farm.
:cheers:
As far as renting your farm out, most farmers that I have dealt with in the past, rent their farmland out under a crop share basis which leaves the tenant responsible for all the management of the land paying a percentage of the crops value to you each year. See a lawyer to ensure whatever agreement you make has all the terms that you want (including term of lease, structure and/or yardage included, equipment included, renewal options, condition the tenant has to leave the land in at end of lease etc.)
If the farm also has a residential structure that you wish to rent out ensure that you comply with any residential tenancy laws/regulations that apply in your province. Again, discuss it with your lawyer.
The advice that other posters have given you about what service is like is good. Take my word for it that regardless of whatever trade you are going into you will not have the time that you need to do anything other than check up on the farm occasionally. I had a battery commander who had a farm nearby once and while he rented it out he treated parts of it as a hobby farm on weekends - it was good for neither the battery nor the farm.
:cheers: