Wills & providing for others

Wills & providing for others
 

Farming is frequently a family business with farms and agricultural estates passing from one generation to the next. Passing on the ownership and the value of your estate in the most effective way presents both opportunities and pitfalls.  You want to be confident that you’ve made the best choices to secure the future of your farm with a minimal tax burden.

The most common way of passing on farm or estate ownership is by Will.  Wills are wonderfully flexible and can be easily altered when your personal preferences or family circumstances change or when you want to profit from the latest lax legislation.

There are huge tax advantages currently available by holding agricultural farms and estates until death when they then pass to your chosen beneficiary or into a trust for a family group. Transfers of ownership by Will can provide up to 100% relief from Inheritance Tax on the transfer of agricultural or business property. There are also significant Capital Gains Tax advantages to be had by this route.

Wills do more than just offer tax advantages. They’re invaluable for you to appoint your chosen executors and trustees who will look after the estate assets for your beneficiaries, particularly those who haven’t reached the age you’d like them to take on full ownership. It is a good solution where you need to provide protection for elderly or other vulnerable family members, appoint guardians for children and deal with gifts of family belongings, animals and cash to your chosen beneficiaries.

A Will can be created quickly and provides an ideal and secure safety-net even if you then decide to pass on asset transfers during your lifetime.

If you prefer to pass the value of your farm or estate during your lifetime, a trust or a farming partnership may be a good alternative choice.