If you own land, property, or a business, you should have an effective succession plan in place, whether this is through a Will, partnership Agreement, trusts or a combination of all these. Traditionally, farms are passed down through successive generations, but it is crucially important that your property and business assets are inherited according to your wishes so that you can preserve them for the next generation.
The issues involved are complex and costly, and lengthy disputes can easily be avoided when expert legal advice is taken. We can advise you on capital gains tax, inheritance tax and the appropriate reliefs that may apply.
We can advise on the availability of agricultural and business property reliefs, steps you can take to maximise reliefs, and how you can make best use of the reliefs available to you when you die.
We can draw up an effective Will and, where necessary, create a trust. Even where you have succession plans in place, you should regularly review your affairs. Your Will also needs to accurately identify the agricultural and business assets you own. We can ensure that you leave such assets to the correct beneficiaries of your estate.
We can also help you to effectively structure your business in order to take full advantage of the tax reliefs and allowances available at any given time. We can advise and prepare Partnership Agreements for you that “dovetail” with your Will and discuss how you can make provision for the non-farming members of your family.
We can prepare Powers of Attorney to make sure that your family can continue to manage your affairs even when you have lost capacity. Farms like any other business need to have contingency plans in place for these unforeseen events.