How Trusts Can Help You With Your Farming Estate Planning

• Published date: 13 November 2023
• Law Firm: Myerson Solicitors LLP
• Author: Myerson Solicitors LLP

A trust can be a useful tool to protect your farming assets.

A trust can be set up during your lifetime or on death in your Will.

It is important to appoint trustees who understand how your farming business is run, ensure they are responsible and can act objectively.

The trust can provide an income for your beneficiaries.

It can also be flexible by allowing your Trustees to decide when and how to distribute assets between your potential beneficiaries depending on their circumstances.

What are the advantages of transferring my farming assets to a trust?

• Using a trust to manage farming land can be beneficial in allowing the land and any farming assets to remain together under the management of carefully appointed trustees.
• A trust also helps to protect the assets for your children and future generations Often, it is difficult to predict which family members will be able to continue working in the farming business and how your loved ones' circumstances may change in the future. The trustees can assess the situation as time passes and act flexibly according to the best interests of the beneficiaries. You can...