Should I give my son the farm now or pass it on when I die?
'I have encountered very sad situations where there has been an untimely death with no Will.'
Dear Karen,Â
I am a widow, 80 years of age and have farmed with my late husband for many years. He died a few years ago and I continued farming. I worked very hard over the years. My son works full-time elsewhere but he helps me at weekends and in the evenings milking the cows. My other two children live up the country. I know he is the obvious choice for transferring the lands to but I am very anxious about transferring my assets while I am alive as I like the idea of having security for the rest of my life and being able to change my Will if circumstances change in relation to the farm. He has always expressed an interest in full-time farming. My worry is his marriage is not in a great state and I am concerned that he may get divorced in time. Should I transfer the farm in my lifetime or should I leave it pass in a Will? My own feeling is that I should leave it pass in a Will and keep it until I die. What advice would you have?
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