The family farm usually represents a lifetime’s work of those currently running it and even those before them.
Making sure that the farm is trading well and structured properly to take advantage of any agricultural and business inheritance tax reliefs available ready to be passed down to future generations is a key concern for many farmers.
However, unless you have left a valid Will, the delicate balance of ensuring that all your loved ones are cared for after you are gone, while still guaranteeing the continued well-being of the farm, could be put in jeopardy.
Laura Carter, Wills and Probate Solicitor and agricultural law specialist at Pearsons & Ward Solicitors in Malton explains why it is essential for every farmer to have a Will to ensure their farming business continues to flourish for future generations…