Farm Succession Planning
Orman Solicitors is dedicated to facilitating resolutions that allow farming legacies to continue.
What is a Farm Succession Plan?
Farming succession, is the process of transferring ownership, management and operation of a farm from one generation to the next. This multifaceted transition involves the transfer of not only physical assets, such as land and equipment. But also, the knowledge and skills that define a family's agricultural legacy. Navigating farming succession requires careful planning, communication, and thoughtful consideration of financial, legal, and emotional impacts to ensure the seamless continuation of a farming enterprise.
Why a will is not a succession plan.
A will is a document that details how you would like your assets to be distributed in the event of your passing. However, farming involves a unique set of challenges and operational considerations that extend beyond asset distribution. Unlike a will, a robust farm succession plan encompasses not only the transfer of land and physical assets but also addresses the complexities of managing and sustaining an agricultural operation. It involves a strategic approach to ensure the seamless transition of knowledge, skills, and the day-to-day responsibilities inherent in running a farm.
A well-crafted farm succession plan takes into account the aspirations, abilities, and interests of potential successors, aiming to preserve the farming legacy and maintain the viability of the agricultural enterprise across generations. In essence, while a will is an essential legal tool, a comprehensive farm succession plan is indispensable for the continued success and continuity of a farming operation.
What does the farm succession planning process involve?
Individual family member meetings
Enterprise analysis
Independent valuation or amount agreed by parties
Financial planning meetings
Family workshops
Documentation of farm succession plan
Review and agreement
Signing off the farm succession plan
Implementation phase
Maggie’s experience in farming, coupled with her legal expertise, enables Orman Solicitors to offer innovative solutions for succession planning within farming families. Having previous experience as a wool classer and shearing contractor, and running her own farming sheep and cattle operation Maggie understands the intricacies and pressures that conversations around succession planning can put on farming communities.
A thoughtfully crafted farm succession plan extends far beyond the legal and financial aspects of farming, touching on the emotional and relational dimensions of family farming. By embracing the benefits of a succession plan, families can pave the way for a harmonious transition, financial prosperity, and the enduring success of their agricultural legacy.
At Orman Solicitors, we’re committed to delivering the highest quality legal advice and services. We pride ourselves on providing reliable, trustworthy services, unmatched legal experience and compassion and empathy in everything we do. No matter what your circumstances, our team always has the best interests of our clients in mind, and we’ll strive to be an advocate for you and your rights. If you’re ready to have a conversation about your farm succession plan, contact the team at Orman Solicitors today.
