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Farm succession planning is not always easy

View profile for Alexandra Frumosu
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Testamentary decisions can be difficult under normal circumstances with people finding it challenging to discuss the topic because of family tensions and disagreements. Add a farm into the mix and it's a perfect storm.

One solution is putting in place a discretionary trust. This would appoint trustees who would hold and protect all types of assets from shares and bank accounts to farm houses and land.

The discretionary trust would be accompanied by a letter to trustees expressing the wishes of the testator regarding how they believe the assets should be divided. When the time comes, the trustees would take these wishes into account but also have the flexibility to make decisions in the most tax efficient way as well as taking into account the personal position of individual beneficiaries.

This is just one option that may be available to ease tensions. If you think you may be in this position, or would like to know how we can help with your Will, please contact our Private Client department on 01245 228125 or email PrivateClientEnq@gepp.co.uk and one of the team will be in touch to assist you.