Farm Succession Planning

It is of utmost importance to obtain legal advice when it is intended to pass the family farm to the next generation.

There are many matters to be taken into consideration, some of which are:

The financial stability of the elder farm owners on passing over the ownership of the family farm
Decisions on what properties, assets are to be included in the ownership transfer
Whether the elder farmers will have a continuing role in the farm management
Clarity on who is the decision maker in the new arrangement
Whether provision is to be made for other family members
Where they are marital agreements/issues
Where there are other family members, e.g. siblings, is the transfer fair on all family members? If not, and one or more children of the transferring parent are not happy with the new arrangement, they could seek redress through the courts, but this should be avoided.

So before embarking on drawing up plans for handing over the farm, seek legal advice, this will save time and in the end cost.

For further information on Farm Transfers you should contact:

Brian Morgan
Morgan McManus Solicitors

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