As a farming business, it is important to have succession plans in place to protect the future of the business for when its ownership changes.
Answer our ‘health check’ questions below to see how future-proof your business is and how the team at Lodders can help you to protect it.
Have you started the conversation about succession planning within the family and business?
If you haven’t already spoken about this, our specialist agriculture and estates team can help you to raise the subject and outline the surrounding key issues.
Do you have an up to date will and Power of Attorney?
Without an up to date will or Power of Attorney, the effect of your death or incapacity could have significant consequences for your business. This is something that you don’t have to leave to chance – with the expertise of our nationally recognised Private Client team, precautions can be taken to safeguard the future of the business.
Do you have an up to date partnership agreement?
A partnership agreement will ensure that your business is structured in the most efficient way. If you haven’t already got one in place, our friendly and experienced specialists at Lodders can help.
Are your wills and estate planning documents in line with your partnership agreement?
Unless you made your wills at the same time as your partnership agreement or considered the documents together, there is a good chance that they may not be complementary to each other. These can be amended to ensure that your wishes for the business’ future are accurately communicated.
Have you diversified or do you have any non-agricultural business ventures or buildings not used for farming purposes?
It is important that any diversification project fits in with your farming business. Without proper planning, certain diversification projects can have considerable tax consequences for your business.
Do you have land or buildings with development potential?
It is important to review your will and estate planning if you have any land or buildings with development potential. Significant tax savings can be made if you undertake planning at an early stage of the development process.
Have you been approached about potential development on your property?
If you have been approached, taking legal advice at an early stage can ensure that you get the best possible deal for your circumstances. The agriculture law team at Lodders are experienced in advising on development and outlining the best options for you.
Is all of your land registered at the Land Registry?
If your land holdings are not registered at the Land Registry, you may wish to consider voluntary registration. This process can help identify any problems that could arise when considering any planning or transactions at a later date.
Need more advice on your farm succession plan?
At Lodders, we understand how the countryside works. We have one of the largest and most experienced agriculture law teams in the region, offering expert advice on succession planning and other rural matters to help you protect the future of your farming business. To find out more about our agriculture law services, contact James Spreckley on 01789 206166 or via email, or John Rouse on 01789 206167 or via email.
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Most of James’ clients are involved in agriculture, whether as farming families, rural businesses or estates; and as well as dealing with property matters, he is often involved in their succession planning and partnership arrangements.
