Did you know around 60% of farmers never make a Will?
At JCP Rural Practice we have a team dedicated to helping our agricultural clients with business and personal legal needs. This includes assisting with succession planning and the preparation of wills. We believe that our experience with the rural economy is without equal in Wales.
Why is it important for farmers to make a Will?
Without a Will there are legal rules (the rules of intestacy) which decide who inherits your estate. Ultimately, they will dictate who receives your farming assets. It is a common misconception that your spouse will inherit all your wealth. They will receive a portion, but that portion may be insufficient for them to live comfortably. These rules will also not take into account that in many farming families there are non-farming children as well as farming children so splitting the farm equally between all of your children may not be the right option.
Do you think it will be difficult for children to decide amongst themselves how the farm is run? Disagreements often happen and these can be costly both in monetary terms and in the break-up of family relationships.
Making a Will is an easy way of "putting your affairs in order" to avoid these sorts of problems and getting specialist advice can help you to structure your business and ensure it can continue in the future.
Inheritance Tax can be a very costly burden to bereaved families. However for farming families, Agricultural Property Relief (APR) and Business Property Relief (BPR) often reduce an otherwise hefty Inheritance Tax bill to nil. It is important to consider whether your estate is set up to take maximum advantage of the available reliefs.
We can help you to take the first step today to put your affairs in order.
- Rory Hutchings
- Director & Head of Rural Practice
- Sean Boucher
- Associate Solicitor - Lifetime Planning
- Alice Dearden Cobbett
- Associate Solicitor - Rural Practice
- Malcolm Thomas
- Rural Client Manager - Rural Practice
- 07837 109 599
- Michelle Garey
- Legal Secretary - Rural Practice
- Anthony Poole
- Trainee Solicitor - Rural Practice