Most farms, farming businesses and landed estates are still largely owned and run by families, family trusts or family businesses.
Often these assets will make up a large and important part of the family’s wealth - and form an important role in the future viability and success of the family business.
Planning for the smooth transition of the business and assets to the next generation either during lifetime or on death can be a complex and challenging process. It requires careful consideration of:
- Ownership structures
- Family dynamics
- Legal rights
- Taxation
- Overall financial position
- Asset portfolio.
We have extensive experience in dealing with the assignation or relinquishment of agricultural tenancies, often as part of succession planning, during a lifetime or upon death. This is a highly complex process which requires specialist advice to ensure the value of the interest is safeguarded for the family.
Our team has an excellent reputation in relation to these matters, assisted by the team’s keen understanding of the day-to-day pressures and concerns which face clients in the rural sector.
We work alongside our Private Wealth & Tax colleagues in providing detailed and practical support tailored to your needs.
We also recognise the importance of working closely with other key advisors such as land agents, bankers and accountants to ensure the best advice is provided at all times.
As part of this process, we can help to review and advise on your Wills, Powers of Attorney and agricultural tenancy interests held as well as consider any update required in relation to partnership documentation and shareholders’ agreements.
When it comes to succession planning in rural business, your family’s future is safe with us.
Senior Associate
