Farming Wills: Why It’s Important to Keep Them up to Date

By Robert Hudson, Senior Associate Solicitor and Head of Agricultural Wills and Probate

For many farming families, the farm is a home, a livelihood, and often a legacy that has been passed down through generations.

With many demands on your time, updating your Will may not be top of the priority list. However, taking the time to update your Will ensures that it remains fit for purpose in light of any changed circumstances or new tax rules.

Why Updating Your Will Matters

Farms and families evolve over time. You may acquire additional land, diversify the business, bring the next generation into the partnership, or experience significant life events such as marriage, divorce, births or deaths within the family.

Also, as we are now all too aware, the government can change the tax rules instantly and dramatically.

Inheritance Tax is often a key concern for farming families. While reliefs such as Agricultural Property Relief (APR) and Business Property Relief (BPR) can provide valuable protection, the rules can be complex and depend on individual circumstances.

A professionally drafted Will can help ensure that available reliefs are considered as part of your overall estate planning strategy, reducing the risk of unexpected tax liabilities.

Regular reviews help ensure that your Will continues to reflect your wishes and works alongside your business arrangements.

We would suggest that, ideally, you review your Will when there are changes in your business structure, changes in family circumstances, changes in tax rules or otherwise every five years. In regard to changes in tax rules, your accountants will generally advise you whether they are significant enough to require a review of your Will.

Local Advice You Can Trust

At Cartmell Shepherd, we understand the unique challenges facing farming families across Cumbria and Northumberland. Every farm is different, and every family has its own circumstances, priorities and goals.

Taking the time to review your plans can help protect your family and the future of the business for the next generation.

If you would like advice on making or updating a Will or estate planning more generally, our specialist Agricultural Wills and Probate team would be pleased to help. Contact the team today on 01228 516666 or click here to send an email.