Our highly experienced agricultural solicitors have established a fine reputation in the agriculture sector. We are specialists in advising farming clients and their families on how best to organise their finances and affairs to secure their future. Succession planning for your farming estate and farm inheritance planning is one of the most important provisions any farming family can make when looking to the future.
We understand that each agricultural business is unique. Our friendly and knowledgeable team can carry out farm visits to get to know your family and business allowing them to offer a bespoke service, providing advice that is tailored to your individual needs.
Our team have specific expertise with administering large landed and farming estates and dealing with the legal complexities that come along with these. We can assist those going through the difficult probate tasks and help to navigate the estate administration process.
Farmland and other agricultural assets may qualify for agricultural property relief. Our team offers a fully comprehensive service, drawing on expertise from across the firm, allowing for advice on every aspect of probate, to obtain the best result for the family.
There is a lot to consider when it comes to what should be included in the succession plan. To begin with, it is important to understand and set out:
- How the assets of the farm are owned
- How each family member will benefit from the farm
- What parties are occupying buildings and land
- What the long-term plans and business goals are
- What each family members role is in running the farm in the immediate and long-term future
- How will future generations be trained to continue operations
- Tax considerations
Our knowledgeable and friendly solicitors can also assist in writing wills that will protect the future for both the family and the business.
What Is a Will?
A will is a legal document which, if executed correctly, sets out how your estate should be handled once you have passed away. For example, it will provide for who inherits your money and belongings, who will be responsible for your children or pets and what you would like to happen in relation to the running of your business.
If you pass away without a Will, you will die intestate. This means that your estate will be distributed in accordance with legislation set out in the Administration of Estates Act 1925 (‘AEA’), as amended by the Inheritance and Trustees’ Powers Act 2014 (‘ITPA’) and this may not be how you had originally intended your personal belongings and finances to be divided or dealt with. Find out more about writing a Will here.
Inheritance Tax
Inheritance tax could have an impact on your estate if the value of your assets is greater than the current inheritance tax threshold which currently stands at £325,000 (2021/2022 tax year) or £500,000 where one gifts an interest in their main property to direct descendants.
We can help you with inheritance tax planning to ensure that maximum use is made of your inheritance tax allowance upon your passing. We will ensure that your inheritance tax liability is mitigated as much as possible by putting in a place a tax planning effective will for you. Find out more about Inheritance tax here.
What Is a Trust?
A trust is a relationship that is recognised and enforceable in court. It is created when a person gives assets to other people to hold, not for their own benefit, but for the benefit of others. It is a means of protecting assets while still allowing others to benefit from them.
A trust can be set up in your lifetime or in your will.
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