Farm Succession Planning

Planning for the future is an essential part of owning a family farm or agricultural business. By making decisions in advance, you can prepare for any issues that may arise. This can provide reassurance that your business is protected no matter what happens.

At Roythornes Solicitors, we can provide legal guidance in all matters related to succession planning for farmers. We can discuss your options and assist you in ensuring succession matters are taken care of, so there will be minimal disruptions to your business whatever the future might bring.

Our Agricultural Law team have extensive experience in farm succession planning and can provide expert services in a straightforward and efficient way. Our down-to-earth agriculture law solicitors will take the time to understand your business needs, then make sure every step is taken to protect your farm.

When it comes to farm succession planning, our team can support you with many different matters including:

• Planning for farm succession
• Farm owners Wills
• Farm Inheritance Tax planning
• Estate administration for farms

Get in touch with our farm succession planning solicitors

To access legal support and discuss your case today, contact our team in Alconbury, Birmingham, Nottingham, Peterborough or Spalding.

Our farm succession planning expertise

Planning for farm succession

Farms take a lot of work and time to build up. Whether your family has owned the business for generations or you started it yourself, it’s important not to let something like succession negatively impact your farm.

Planning for the succession of a farm involves making decisions regarding what may happen if the owner is no longer able to run things. This could be due to retirement, loss of mental capacity, an accident or death.

At Roythornes, our solicitors can help farm owners to decide on matters like who should take over ownership when they are gone and what, if any, changes should be made to the business structure of the farm.

Farm owners Wills

One of the best ways to plan for succession is to have a clear Will in place. This Will should detail what the owner wants to do regarding the estate, business and running of the farm in the event of their death.

Our team are adept in helping farm owners to craft a Will that meets their unique needs. We can minimise the chances of disputes regarding succession by ensuring that the Will is written clearly with no room for misunderstandings or miscommunication.

Farm Inheritance Tax

Inheritance Tax can cause significant problems for farming businesses if not properly considered and planned for. Being left with a substantial Inheritance Tax bill to pay could force your heirs to sell the business in the worst case scenario. This makes good farm estate planning essential.

Matters surrounding tax can be incredibly complex and sensitive, so working with professionals like our specialist team at Roythornes is crucial. We can provide expert advice regarding the different tax relief options that may be available, helping you to take action so your family’s and your business’s futures are not negatively impacted.

Farming estate administration

After the owner of a farm passes away, their farming estate and assets will need to be administered. This is often a difficult time for the family and friends of the farm owner and can be challenging. Getting expert support can help to ease some of the burden on you at what can be a very difficult time, while ensuring all matters are attended to promptly and efficiently.

Our team of solicitors can streamline the administration process by helping you apply for probate or even managing the entire estate administration on your behalf.

How farm succession planning works

What is farm succession planning?

Planning for farm succession does not mean that you have decided to retire. Planning for the future is the only way to ensure that your business will continue to thrive no matter what life throws at you.

Farm succession planning will include decisions about how the farm business should be owned, who will fill key roles in the business, how the profits from the business will be shared and how any family members not participating in the business should be provided for.

It’s necessary to establish clear business goals and make plans that will come to action in the event of a complication. With long-term strategies, you can help keep operations going and ensure that your wishes regarding the farm are met should the need arise.

Why is farm succession important?

Without planning for farm succession, you can leave your business at risk of ruin. In particular, farms without a clear plan for succession often see a massive financial loss whilst they attempt to resolve matters. There is also a high chance of disputes and confusion regarding ownership, which can be very damaging for important family relationships.

On top of this, having a clear plan for succession means that you and the people who will be taking over the farm have time to prepare. It’s important that whoever will one day run the business is trained and advised in how to best manage the farm. If succession goes to someone who was not expecting this outcome and is not prepared to run the business, it is likely that the farm will be at risk of failure.

What to include in a farm succession plan

When it comes to farm succession there are many different things to consider. It can be overwhelming but, with the help of our specialist team at Roythornes, you can ensure that you have planned for every eventuality. This will protect your business and provide for your family far into the future.

When creating a farm succession plan, it’s important to think about:

• Ownership of the business
• Tax (particularly Inheritance Tax)
• Ownership of the farm assets
• Occupancy of any residential property included with the farm business
• A training plan for workers and future owners
• Future goals for the farm
• Who will benefit from the business (including family members not involved in the business where applicable)

How to make farm succession easy

With a farm succession plan, you can minimise disruptions during ownership transition, but there are ways in which this process can be made even easier.

For example, deciding who will take ownership of the farm as early as possible will give you time to prepare and train your replacement. Additionally, this extra time can be used to ensure that everyone is on board and that there will be no disputes regarding ownership in the event of your death.

To make sure this process goes as smoothly as possible, speak to everyone involved in the business. By taking everyone’s feelings into consideration, you can be confident you are making decisions that will benefit the business and not harm family relationships.

Finally, the best way to make farm succession easy is by enlisting the help of a specialist agriculture law solicitor who can guide you through the legal aspects of these decisions. They can help you make difficult choices, advise you on financial matters and ensure that your succession plan aligns with your Will.

Why choose Roythornes’ farm succession planning solicitors?

Making decisions regarding farming succession can be difficult. Our agriculture law solicitors understand this and can provide the best possible support to ensure that, when it’s time for a change of ownership, this process goes as smoothly as possible.

At Roythornes Solicitors, our team is dedicated to providing clients with transparent advice regarding all types of farming succession matters. We will always avoid using complex and unnecessary legal jargon, explaining everything in plain English.

We are proud to be acknowledged by the Law Society Lexcel accreditation, which recognises our commitment to providing top-quality practice management and client care. Additionally, we have also received the Customer Service Excellence award, showing the dedication and skill of our team.

Get in touch with our farm succession planning solicitors

To access legal support and discuss your case today, please contact our team in Alconbury, Birmingham, Nottingham, Peterborough or Spalding.