Farmland and many rural properties are worth substantial sums of money and farmers are notoriously unhappy about paying more tax than absolutely necessarily. Very often though wealthy on paper, many farmers have a lack of ready cash and variable incomes which produce particular issues when making future plans. Good tax planning as early as possible can often save very substantial sums of money.
Succession is also often a high priority in many farming families and this is far better dealt with in a pre-planned way than as an emergency when inevitable but not planned for events take place.
In any event a well thought-through will is essential, and in many cases successful tax-planning and succession may require the formation of trusts. We have one of the largest Trusts, Wills and Estates teams in Yorkshire and we act for a number of high net worth individuals who live and work in the countryside.
Planning for the future should also involve you and your family having Lasting Powers of Attorney so that others can manage financial matters and give instructions about welfare and care or you or others in the event of being unable to do so due to age of illness.
The current edition of Chambers High Net Work Guide, a key publication for the international private wealth market, has ranked the Trusts, Wills and Estates team in Band 1 for private wealth law (York, Hull and surrounds). In addition, the team is recognised in the guide’s National Leaders (outside London) rankings for the first time this year (2021). Chambers is one of the leading independently researched guides to the legal profession. The team is also ranked by Legal 500 UK.