Wills + Probate: Estate Planning for Farmers in the South West UK

Living on a farm myself, I am fully aware of the importance of Estate administration for farmers, in particular the way in which to safeguard not just the future of the family but the future of the business.

The assets within an agricultural estate can be complex, given the fact that a practical decision needs to be made to continue the future of the family business.

Agricultural farm assets

For many, the family farm is from passed generation to generation which undoubtedly results in inheritance of a number of high valued assets.

Over the years, agricultural machinery and equipment will often be bequeathed to the next generation of farmers to ensure the family farm continues running for the future years. It is advisable to create a full inventory of these assets to understand the sheer size and value of the Estate, this includes not just buildings but the land itself also.

The importance of creating a Will if you are a farmer

A Will is often regarded as the most important document of an individual’s life and for farmers this is often even more so. The creation of a Will ensures that your assets are passed in accordance with your wishes and ensures the continuation of the family farm.

Therefore, it is important you obtain professional legal advice in order to ensure your Will, once executed benefits those intended. If you would like advice in relation to your Will, please speak to one of our STEP accredited Will writers at Thatcher + Hallam.

We have been working with the farming community for nearly 250 years and so we understand the needs and requirements of clients and we can even visit you at your farm at a time to suit if you are busy with work.

Tax evasion

It is possible for assets that qualify as agricultural property to hold a relief of 100% for inheritance tax purposes. Therefore, farmers need to be aware and advised on the possibilities to reduce tax consequences that may burden their future beneficiaries and assets within the estate.

For those assets that do not qualify as agricultural property it is also possible to claim business relief for inheritance tax at either a 50% or 100% rate depending on the individual circumstances and so this needs to be thoroughly considered. If you would like further information in relation to any of the above aspects then please contact one of our specialists to discuss further.

Why Thatcher + Hallam

We have advised generations of farming families and have a core understanding of how to protect your farming assets and wishes for your land and assets for generations to come. With friendly, STEP accredited solicitors, a Chartered Tax Accountant and a cost transparent, client focussed ethos, we work to provide a robust and easy to understand service.

Contact us for free to discuss your needs or come to our Free Legal Advice Surgery which takes place in Midsomer Norton at our offices every Thursday between 5pm – 6pm.