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.
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.
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. Read more
You could be further up the succession ladder than you think
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.
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.
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. Read more
You could be further up the succession ladder than you think
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