Vivienne Ring, Conveyancing Partner and Aislinn Collins, Associate Solicitor were delighted to be invited to and attend the Teagasc meeting and clinic on ‘Transferring the Family Farm’ at the Celtic Ross Hotel yesterday, the 4th October 2023.
The meeting and clinic presented by Teagasc was very informative and both solicitors were delighted to meet and advise so many farming families.
Transferring the family farm contains some very complex issues and it is essential for every farming family to have a succession plan in place. No two farm transfers are the same. If you are thinking of transferring the family farm it is important to bring all the family members into the process to safeguard against future problems. You should then talk to your agricultural advisor. They will have a detailed knowledge of your farm business and will provide essential information throughout the process. The next step would be to contact your accountant to ensure you avail of the very best taxation advice and succession planning. Your solicitor will be your last port of call and will give effect to your plan.
One of the main issues that we encountered yesterday was the absence of a Will or the failure to keep the Will up to date. The importance of a valid Will cannot be stressed enough. We encourage every person to make a Will so that you can set out how you wish your assets to be divided on your death. It is vital to have an open and frank discussion with all of the family to ensure everyone involved knows where they stand. Having a valid Will in place protects and provides for your loved ones and it prevents any unnecessary stress and expense on your relations which can occur in the absence of a Will. Having a valid Will in place will ease any worries that you many have in respect of how your assets will be divided on your death.
Wolfe & Co LLP Solicitors have been working with farming families since 1894 and have a wealth of experience in the area. We are happy to help with all queries and assist you with your succession plan.
Thank you to everyone at Teagasc and the Celtic Ross Hotel for organising this interesting and essential event.