Succession planning in relation to the family farm can be a difficult exercise. If it is poorly done it can lead to permanently damaged family relationships, perhaps the loss of a farm, and very substantial legal costs incurred by some family members disputing your estate.
Comprehensive planning and the careful structuring of ownership can alleviate many problems that might otherwise arise.
We involve lawyers from our Wills and Estates Department, Business Law Department and our Taxation Law Department as required when working on these succession issues. Not only do clients need to consider who should take control of the farm in future, but how non-farming children should be provided for, what risks there might be of a challenge to the will, what alternative ownership options ought to be considered, including a discretionary trust, and what taxation consequences will follow from different options.