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NC KS | It is good that you are doing this planning at this time. Best case scenario is that you both live long enough to see your grandson take over the farm under your help. Then you will know for sure if he wants to farm and can do it. Plus there would be several years where he could work for you.
Some type of trust would accomplish what you want. Be aware that it would need to be managed after both of you are gone or incompetent. Management fees vary quite a bit and sometimes the creator of the trust slides in buddies or themselves to manage trust for good fees. These fees are based off of gross income and not net.
Setting up a trust now will create a need down the road for some significant revisions as time changes things.
Out here in the high plains region, extension services has been putting on programs to help with the planning of this. That would be a good start. Most important is finding a good attorney who is experienced in estate planning.
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Will
