Topics
How to spot BSE and what farmers can do to prevent it

How to spot BSE and what farmers can do to prevent it

DataHub

DataHub

Dairy Farmer Magazine

Dairy Farmer Magazine

Auction Finder

Auction Finder

LAMMA 2019

LAMMA 2019

New to Farmers Guardian?
Register Now
Login or Register
New to Farmers Guardian?
Register Now
New to Farmers Guardian?
Register Now

You are viewing your 1 free article

Register now to receive 2 free articles every 7 days or subscribe for unlimited access.

Subscribe | Register

Farmers can avoid family disputes by keeping documentation

Keeping a record of family discussions regarding succession and inheritance is of utmost importance, according to law experts.

Alice   Singleton

TwitterFacebook
Alice   Singleton
TwitterFacebook
"It is important as a rural business to get your plan in place and on paper"
"It is important as a rural business to get your plan in place and on paper"

Farming businesses are being warned they could be risking their families’ livelihoods by failing to make a record of important family discussions.


The agricultural team at law firm Wright Hassall has reported an increase in the number of inheritance disputes arising in farming businesses.


Martin Oliver, a partner specialising in inheritance disputes at the firm, said farming disputes following a family death had increased in the last few years.

 

Dispute


He said: “Many of these disputes could have been resolved very quickly, but instead have become extremely costly for the parties involved.


“Emotions tend to run very high between siblings and other family members in cases like this, and the reality is the dispute could be resolved by a straightforward piece of paper.


“It can be as simple as wording such as ‘I’ve had a talk with my son or daughter and I’ve promised them this…’.


It is these conversations which experts are urging farmers to make note of.

 

Planning


John Rouse, partner in the wills, trust and tax team at Wright Hassall, said estate planning for farmers was very much ’a moving target’, as tax laws were constantly changing.


He added: “It is important as a rural business to get your plan in place and on paper. Spending a few hundred pounds to do this properly could possibly save you thousands, if not millions of pounds, in the future.”

 


Read More

‘Failure to manage succession is putting the future of British farms at risk’ ‘Failure to manage succession is putting the future of British farms at risk’
Help next generation farmers when it comes to succession Help next generation farmers when it comes to succession
Rural housing 'crisis' compounding farm succession Rural housing 'crisis' compounding farm succession
Succession plans can avoid costly decisions Succession plans can avoid costly decisions
Succession: Have you had 'the conversation'? Succession: Have you had 'the conversation'?

TwitterFacebook
Post a Comment
To see comments and join in the conversation please log in.

Most Recent