According to Karen Walsh of Walsh and Partners Solicitors (pictured left), communication is key — and the earlier the better.
Karen also believes there are a number of key points in the process:
- “Prepare a will — it is very important to put the most basic will in place to protect the next of kin”. Otherwise, the estate can be divided and fragmented.
- The day of the first-born automatically getting the farm is long gone — the focus should be on finding out who is interested and identifying a clear successor.
- If the farm is large enough, then it might sustain being broken up, but this process can lead to the increased risk of tensions in future as well as leading to land holdings that are too small in the modern day context are less likely to be financially viable.
- Splitting the land up is also less tax efficient, for example, when it comes to agricultural relief.
Karen Walsh, Solicitor, who specialises in Agricultural Law, Renewable Energy, Property Law, Wills and Estates speaking on Succession Planning.Larry Cummin / John Delea
FIND OUT MORE
Transferring farm ownership down the generations requires significant planning and advice. Noel Baker talks to Alan Jagoe, former Macra President and farmer, Karen Walsh, solicitor, and Austin Finn of the FBD-backed Land Mobility Service about this complex issue. Theis presented in association with FBD.