Should I transfer the farm in my lifetime or leave it pass in my will?

Legal advice for farmers

Don't toss a coin to decide whether to transfer the farm in your lifetime or leave it pass in your will. Check out the pros and cons of each option.

One of the most common questions I am asked year after year is, “should I transfer the farm in my lifetime or leave it pass in my will?’

There is no right or wrong answer to the question, as it very much depends on a wide variety of factors, such as family circumstances, whether there is a child farming, the tax implications involved for both the transferor and the transferee, whether a child has an agricultural qualification, the need for nursing home care, the ages of the parties or whether other children need to be looked after etc.