Wills / Enduring Power of Attorney & Farm Transfers
Wills / Enduring Power of Attorney & Farm Transfers
WILLS
When you make a will, you ensure that your assets pass on to the individuals you want to give them to. Your Solicitor will also advise you of Inheritance Tax issues, so that at least you can consider and make sure that the person inheriting the gift doesn’t have a substantial Inheritance Tax bill when they receive the inheritance.
When making a Will you need to consider the following:
A. Executors
These are the individuals who administer your Estate after your death.
B. Guardians
If you have children under the age of 18 years of age, these are the people you appoint to mind your children.
C. Trustees
If there is a Trust in the Will for example if money is left to young children, the individuals who manage that money or assets are called Trustees.
Family Farm Transfers / Succession Planning for Farmers
Passing on the farm to the next generation can be daunting, but planning for the future, ensures that what you want to happen to your farming assets actually happens.
As Solicitors we will work with your farm advisor and/or your Accountant and put in place a structure whereby the family farm is transferred. In transferring the family farm, one needs to be aware of Capital Gains Tax, Retirement Relief, Capital Acquisitions Tax for the individual getting the gift, Agricultural Relief, Stamp Duty and Business Relief.
Enduring Power
of Attorney
An Enduring Power of Attorney is a document which can be created by an individual whereby they appoint individuals to manage their affairs, if they become mentally incapable of doing so. An Enduring Power of Attorney can give general authority to the Attorney (that is the individual who you appoint) or it can merely give them specific powers. It can allow Attorneys to make personal care decisions on behalf of an individual.
