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The first place to start when it comes to farm succession should be to write a will.
That was the advice from Teagasc farm management specialist James McDonnell during an online succession event on Tuesday night attended by over 1,000 farmers.
“The first question people always ask is ‘where should I start?’ and I would say your will is the ideal place,” McDonnell said.
He compared a will to a backstop and said while it may not be the ideal solution, it ensured that there was at least some plan in place to pass on the farm. The next step, he said, should be to discuss it with all family members so everyone is aware of their position.
“You need everyone on board. You don’t want to leave this world and leave the family fighting among themselves.”
He advised farmers to complete a personal affairs checklist, especially a record of papers and documents.
There also had to be considerations about the farm business, McDonnell said. Chief among them was if the business would still be viable when the succession plan is being implemented.
Teagasc farm business structures specialist Gordon Peppard elaborated on some of the options for passing on or restructuring the business.
These included registered farm partnerships and succession farm partnerships where there is an identified successor.
Share farming or long-term leasing were suggested as options where there is no successor or the successor is not ready to become involved in the farm immediately.
SHARING OPTIONS: