Karen Walsh: Be aware of Section 117 when drafting a will

Succession planning can often be a daunting task, especially when there is only one main asset in the estate, as in a family farm situation.

Where a farmer has a number of children, Section 117(1) of the Succession Act 1965 (“the 1965 Act”) should be considered, when drafting a will, and proper financial advice taken, if appropriate, to avoid any conflict in a family following the death of the parent farmer, the testator (the person who makes a will).