If you have a successor identified on your farm, agri-solicitor Aisling Meehan recommends that you make a lifetime transfer.

She told the ICMSA farm succession meeting in Tullamore on Wednesday night that a partnership can be used as a stepping stone to a lifetime transfer of the farm.

If, on the other hand there is no successor identified, then she says you should leave the farm in your will.

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The question was asked from the floor, how much is a will?

The answer from the speakers; cheaper than not doing one. If you fear your will could be challenged after death, then it is worth doing a lifetime transfer.

“I charge €200/hour plus VAT but guarantee you’ll get your money’s worth,” Aisling said.

“So to get it done properly it would be in the region of €600 to €1,000.”

When drafting a will the title needs to be checked. If the property is in joint names then what is in the will won’t matter.

A properly drawn map needs to be included if subdividing a folio. And provision must also be made for debt on property.

Where there is a will

A spouse or partner is entitled to what is called a ‘legal right share’ even if there is a will.

This would mean the spouse or partner is entitled to half the estate in a case where there are no children.

Or in a case where there are children the spouse/partner is entitled to a third of the estate.

A child may challenge a will where the testator has failed in his/her moral duty to make proper provision for the child in accordance with his means.

Where there is no will

If there is a spouse but no child then the spouse gets the whole estate.

If there is a spouse and children then the spouse gets two-thirds of the estate while the remaining third is divided between the children.

Making a valid will

A solicitor will be able to guide you through the process of making a will.

For a will to be valid in Ireland the following conditions must be met.

The person making the will must:

  • Be aged 18 or over (or be – or have been married).
  • Act of their own free will.
  • Be of sound mind, memory and understanding.
  • Must know the nature and extent of his/her property and be capable of recalling all of the people who may expect to benefit from his/her estate.

    • The document must:

  • Be in writing.
  • Be signed by the person making the will (or by someone in their presence and by their direction).
  • Have a signature which is witnessed by two people, both present at the same time.
  • Be signed by both witnesses in the presence of the person making the will.
  • Not benefit a witness or their spouse.

    • A will should contain:

  • The testator’s name and address and current date.
  • A revocation clause.
  • A clause appointing at least one (pref 2 or more) executors.
  • A list of legacies (gifts of money or goods) and devises (gifts of real property).
  • A residuary clause, disposing of the remainder of the estate.
  • Testators signature.
  • Attestation clause or testimonium.

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    You could be further up the succession ladder than you think