Rural succession planning

Peace of mind for you and your farm

A lack of succession planning and discussion about the future can result in dire circumstances, ruining family relationships and forcing farms to be sold.

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It is not uncommon to see farmers who prepared a will when they purchased their first farming property many years ago and it is has subsequently gathered dust in the bottom of a draw somewhere “out of sight – out of mind”.

There will have undoubtedly been changes to the farm business whether it be a son or daughter helping on farm, purchase of more land, in-laws arriving on the scene etc…

Suddenly the will prepared many years ago does not address what will invariably be a more complex position.

While often a difficult exercise, at some point it is necessary to contemplate what will happen in the future and address what the farming business may look like at the point Mum and Dad pull back from being actively involved in the farming business.

Succession planning is a process and there are generally no silver bullets that can be fired to solve the problems of the world.

In normal circumstances Mum & Dad need to maintain control throughout this process.

At HC Rural we can:

  • Assist you gain a clear understanding of what you hope to achieve for your family
  • Work through with you what is able to be achieved recognising the various assets owned and obligations to be met
  • We can then assist you to facilitate with family members to ensure all parties are aware of your intentions
  • We can liaise with you and your legal advisors to ensure that the appropriate structures are put in place to achieve the desired family outcome
  • We can also assist you and your legal advisors to create a Memorandum of Wishes and update your will to clearly record your future intentions in the event you are no longer around
  • We can assist you to understand the role a trust may play to achieve your future intentions

We see succession planning as a process not an action.

  • It is about deciding what YOU want for the future and putting in place the steps required to ensure you achieve this goal
  • Whether you want to retire next year or in 20 years, it is important to start planning now so you can agree a plan and strive to achieve this within the timeframes set
  • We can facilitate the plan and work with you and your family throughout the process

Call us to discuss your future now.

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We’re committed to providing excellent advice and support to you and your rural business. We provide a diverse range of specialist services specifically designed to add value whatever stage your business is at.

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