The reading of a will might make for great cinematic drama reminiscent of an episode of the dynastic series Yellowstone and the infamous Duttons, but a will or the lack of one can cause endless drama for the family.
This is why estate planning stands as a genuine responsibility to safeguard the interests of loved ones, businesses and personal affairs. Estate planning for farmers - especially those with agricultural assets, navigating the maze of nuanced legislation, like the fact that a farm may only be bequeathed to one beneficiary - demands a professional eye and accurate planning.
While a straightforward will may suffice for those with uncomplicated estates, the same cannot be said for farmers whose livelihoods are intricately woven into the fabric of specialised legislation and complex family dynamics. There is no one-sizefits-all approach, and by taking a more considered, proactive line of action to your estate and financial plans, along with an understanding of the legislative directives and implications, you will go a long way to preserving your legacy.
Estate planning for farmers, like other estate plans, has the usual financial aspects like the various taxes, administration costs and estate duties, but the element that makes it different is that in most instances it also involves a family succession aspect. With estate plans for farmers, the successor of the family business is usually either a son or daughter, a parochial standard from yesteryear but one that appears to remain. Moreover, consideration needs to be applied to the unique challenges posed by agricultural assets, such as farms with diverse components like orchards, pack sheds and rental properties.
UNDERSTANDING THE CHALLENGES
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