Whether it is staying in the family or being sold, farmers need a plan for their business’s future AD wcllpsolicitors inheritance familylaw Yorkshire SuccessionPlanning
When considering the long-term prospects of your farm, succession planning is essential as it helps to provide a smooth transition following retirement, death or incapacity of a partner of a farm business. It also helps to protect your assets and aids the continuity of a farming business.
When considering the long-term prospects of your farm, having a Will is a vital part of succession planning as it deals with who inherits the estate on your death. However, it is also important to protect the farm business and ensure it is able to continue on either the retirement or death of a partner.
Many farming partnerships are formed between family members and are not subject to any written agreement and they have continued this way for many years. Whilst this works for many farming partnerships, it can cause problems if a relationship breaks down, the business wishes to borrow money from a lending facility, or if a partner retires or dies.
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