A Will is probably one of the most important documents you will ever sign. If you are a business owner or a farmer, having the right Will in place will make it easier for your family to deal with the farm when you are no longer around. Our agricultural solicitors can help you plan for the future through their expertise in wills and succession planning.
Without a Will the estate will be dealt with under the rules of intestacy. What you have worked for and built up during your life may not end up with the people you wish it to. Unless you plan carefully for the succession of your farm or business your family may find that they do not benefit fully from the inheritance tax reliefs available and end up paying out more tax than is necessary. Ultimately this could impact on your agricultural and business assets.
Although your farming business may qualify for agricultural and business tax reliefs, farmers cannot rely on simply passing assets to the next generation tax free. Sadly it is often only when the family are administering a farmer’s estate that they are faced with dealing with the tax, claiming reliefs and sorting out the division of the farm to family members. Where there are disputes within the family this can create delays and extra expense at an already difficult time.
We have a specialist team who can help you to plan how your farm and business will be dealt with. We can advise on how you can apply the tax reliefs and what exemptions are available. We also help families deal with the complexities of an estate administration following a death.
Our agricultural wills and succession planning expertise includes
- Succession planning advice for your farm and business;
- Drafting a Will which is specific to your agriculture business;
- Advice on how diversifying the farm activities may affect agricultural property relief;
- Trust advice;
- Advising farmers when they need help dealing with their finances, and putting a Lasting Power of Attorney in place;
- Guiding the family when a farmer needs to go into care and how this is paid for;
- Sorting out the farm when the farmer dies, and applying for agricultural and business property reliefs.
We also have agricultural expertise across the firm. We can help you when it comes to agricultural family matters, property sales and purchases and resolving agricultural disputes. We can also help you with any corporate business issues through our corporate and commercial team.
If you have any questions or would like further information about wills and succession planning, please contact our team today.
Job Title: Partner
Phone: 01625 442120