Farm Succession Planning
Establishing a plan for the farm succession will ensure effective transfer of responsibilities and assets to the next generation. This should involve everyone within the family who may be affected and respects the roles they may play now and in the future. A strong succession plan will help protect your farm business and your family.
Passing on ownership of a farm business can be stressful, whatever the circumstances. However, it can be particularly difficult when the transfer is unplanned through illness or the sudden death of the owner. It is therefore important that you, as the current owner, have considered your options and have made legal arrangements to ensure that your wishes for the future ownership of your farm business are carried out i.e. make a Will which is regularly updated depending on the circumstances that take place.
For many farmers the issue of succession planning causes a great deal of stress, worry and fear. Many farmers do not want to think about retirement and worry about how it will affect their physical, emotional and financial wellbeing. There are many reasons why farm families avoid the subject of succession however it is important to weigh up the consequences to the family and farm business of doing nothing versus having difficult conversations and taking steps to address the issue now. You will find that once decisions are made things will be better for you and remember wills and plans need to be reviewed and can always be changed.
If you are experiencing stress in relation to making decisions about the future of your farm business then call our support line today on 0800 138 1678. One of our Farm Business Mentors could help you find a way forward together.