Should I transfer assets in my lifetime or in my will?

Legal advice for farmers

If you transfer property in your lifetime, the successor gets the benefit of the farm immediately and can grow the business. Motivation and interest are enhanced, compared to a successor waiting for property to pass in a will.

Time and time again, I am asked should I transfer assets in my lifetime to my children or leave them pass in my will?

There is no one-size-fits-all approach to succession, and to passing assets to the next generation. There is no right or wrong answer to this 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, the need for nursing home care, the ages of the parties or the needs of each child, special circumstances of a child, for example, gambling addiction, divorce, mental health issues etc.