Wills for Farmers

Farming estates often include a mix of business and personal assets – land, machinery, livestock, farmhouses and tenancies. Without a valid Will in place, the rules of intestacy decide who inherits, which can create confusion, disputes, and unnecessary tax liabilities.

A carefully structured Will gives you control. You decide who inherits and how the farm will continue to be run. You can also plan for Inheritance Tax (IHT), making use of valuable reliefs like Agricultural Property Relief (APR) and Business Property Relief (BPR).

When advising farmers, we help you consider:

• Who your executors should be – it may be wise to appoint executors who are able to deal with your farming business and ensure that it continues to operate effectively until it is passed to your beneficiaries.
• Who should inherit the farm, land, and business?
• Are different family members involved in the business and are their roles and expectations clear?
• Should the farm continue as a trading business and who is best placed to run it?
• Should some assets be gifted during your lifetime?
• What reliefs are available to reduce Inheritance Tax?
• Are there non-farming children or family members to consider, and how will you ensure fairness?

Yes – many farming estates can benefit from up to 100% relief from Inheritance Tax using APR and BPR. However, this depends on how the land and business are owned and used and what the value is.

It is well publicised that APR and BPR are changing and that further changes could be on the way.

• If you don’t have a will or estate plan – now is the time to take advice and put one in place.
• If you do have a will and estate plan it is crucial to review it with a specialist adviser.

In both instances you can then ensure your will and estate plan are tailored to prioritise what matters to you most and structured to maximise available reliefs.

Your partnership agreement or company documents will need to be reviewed to see what happens to your share when you die. In some cases, your interest may pass to surviving partners, or the business may have a right to buy out your share.

Your Will should work alongside these documents, not contradict them. We’ll help ensure that your wishes can be followed without disrupting the business.

Let land may still qualify for APR, depending on the type of tenancy. Longer-term tenancies or those granted after certain dates may not qualify in the same way. We’ll review how the land is held and advise on the impact for your estate and Will.

Again, we work alongside your accountant, land agent and other professionals, where appropriate, to ensure the right approach.

This is common and sensitive. Your Will can reflect this, perhaps by passing the farm to one child and making cash or property gifts to others. The key is planning ahead and communicating your intentions clearly to avoid conflict later.

We’ll guide you through this process, making sure your Will balances family dynamics, legal protections and tax efficiency.

Yes – regularly reviewing your will is important to ensure that it reflects current circumstances.

A review with your specialist adviser will often conclude that no changes are needed, but the review process brings peace of mind and can identify when changes are required.

Remember a Will can become outdated. especially if:

• You acquire or sell land or property
• There’s a change in family circumstances (e.g. marriage, divorce, birth)
• Children reach adulthood.
• The structure of your business changes.
• Tax rules change.

We recommend reviewing your Will every 3 – 5 years or after any major life or business event. This time period also helps to factor in any tax changes as they arise.

We often advise farming clients to also make:

• Lasting Powers of Attorney (LPAs) for property, finance and business matters. Link to LPA business owners page
• Succession plans involving trusts or lifetime gifts.
• Letters of wishes to explain the reasoning behind their Will or to give executors and trustees valuable insight into how you wish for them to handle aspects of administration.