Succession Planning Meetings - Protecting Your Assets
Recent figures have shown that as many as 8 out of 10 farmers have yet to identify a successor to their farm business in the event of death. Failure to have a proper succession plan in place can prove costly to the farm business.
For example, if you do not make a Will then your property will be divided amongst your next of kin in the event of death under the rules of intestacy, which can often cause disputes within families and may result in the breakup of the farm business.
CAFRE therefore, in partnership with the Ulster Farmer’s Union, will be holding a number of information evenings over the coming months to provide farmers and the rural sector with information to help them plan for the future. If you choose to make a Will, it must be carefully drafted as a poorly made Will may be worse than no Will at all. It is important that you choose a Solicitor who understands the specific issues involved in the transfer of a farm business and that you appoint an Executor(s) (a person or persons who executes your wishes as stated in your Will) who has a good knowledge of your particular business. For example Wills which were made before Single Farm Payments (SFP) was introduced do not specifically mention SFP or entitlement to SFP. There is, therefore, the potential for this asset to be distributed with the residue of the estate rather than pass to the person who inherits the farm business.
The evening meetings will be delivered by qualified solicitors and financial consultants with extensive experience in this area of work. Also present on the night will be representatives from Countryside Agri Rural Partnership who run the Farm Family Options Mentoring Programme. This programme offers free support to assist farm families to identify options and opportunities for the future of the farm family and business. A key objective of the programme is to encourage farm businesses to make good provision in relation to succession planning. To support this there is a grant of £250 available for participants, towards legal or financial advice in this respect.
There is no need to book your place but if you want to find out more you can contact Technology administration at Greenmount Campus, CAFRE ON (028) 9442 6770. Alternatively you can contact your locally based CAFRE Development Adviser or UFU/NIAPA office for further information.
For further details on dates and locations, please use the link below: