Succession planning is critical for family and farm, says UFU

Wednesday, 6 July, 2022

The Ulster Farmers' Union (UFU) is reminding members about the importance of thinking ahead and having preparations in place in case a death occurs. This includes having more than one name on all aspects of the farm business and an up to date Will. These are two critical aspects of succession planning which focuses on the effective transfer of assets and also responsibilities within the farm business.

UFU deputy president William Irvine said, "The topic of succession planning has always been a sensitive issue for Northern Ireland farmers for various reasons. However, having succession plans in place in relation to what would happen to the farm if the farm owner or one of the owners were to pass away, is hugely important for the grieving family.

"One common issue that arises after a farmer passes away, relates to the name on the Farm Business ID, herd number and milk licence. Having more than one name on these farm documents as well as bank accounts, helps to make sure that after a death the farm business can operate as close to normal as possible without creating extra struggles for the family at an already very difficult time. I urge all our members to check how many names are on documents and to seek professional advice before making changes to accounts relating to the farm.

"A Will should also be made to prevent any extra stress while trying to come to terms with the loss of a loved one. I encourage those who have not yet made a Will to have discussions with those who are involved with the business in some way and make sure their intentions are known. This can help prevent family disputes and ensure assets are left to the intended person."

Succession planning is high on the agenda of local farming charity Rural Support, who highlight the importance of keeping your farm succession plan and Will up to date. They encourage farmers to review this regularly and update their wills should circumstances change.

Head of farm support at Rural Support Gillian Reid said, "'We encourage everyone to make succession planning a priority. Unfortunately, the consequences of poor planning often result in family disputes, contested wills, broken promises and potentially sale of land or stock and all this adding additional financial and emotional pressures to the grieving family. Don't let this happen to your family, start the conversation today."