Agricultural Estate Planning - MLP Law

Agricultural Estate Planning

Estate Planning

By outlining the distribution of assets, addressing tax implications, and incorporating succession planning, estate planning ensures that your agricultural interests transition smoothly to the next generation.

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    We can provide tailored solutions that ensure a seamless transition of assets and management, which will not only mitigate potential family disputes, but also incorporates tax-efficient solutions to protect your assets.

    Request a consultation with one of our experienced lawyers to discuss how we can help you with your estate planning

    Request a consultation

    Our lawyers have extensive experience dealing with succession planning and
    minimising Inheritance Tax for agricultural land and assets.

    Our services include:

    • Preparing Wills to include trusts of agricultural and business property 
    • Preparing Lasting Powers of Attorney
    • Inheritance Tax planning 
    • Working with our Corporate Team to ensure your business’s cross-option agreements and partnership agreements contain effective planning 
    • First Registration of land and property at the Land Registry
    • Transfers of land
    • Reviewing deeds and titles to establish the ownership of land and property

    Our Approach

    Our lawyers have the expertise and understanding of the unique complexities within the agricultural sector to enable them to effectively advise you on your
    estate planning.

    We are dedicated to crafting tailored solutions that align with the specific needs of our clients and their individual circumstances.

    We will provide you with the peace of mind that your
    agricultural interests have been safeguarded for the future.

    Testimonial

    “l found Samantha Kennedy to be very helpful,
    supportive, friendly and well organised. She got back to me straightaway when l asked any questions with her pleasant, straightforward, caring manner. She also put my mind at rest on a number of worrying concerns about my Will.
    I think she gave me her best advice and we got
    the Will sorted really quickly.”

    Karen

    FAQs

    1. What Inheritance Tax relief is available to agricultural property and land?

      Agricultural property can qualify for Agricultural Property Relief and these assets are exempt from Inheritance Tax or subject to less Inheritance Tax.

      Agricultural Property Relief can be claimed for:
      • Land used to plant/grow crops, rear animals or plant trees harvested at least every 10 years
      • Stud farms for breeding and rearing horses and grazing
      • Farm buildings, farm cottages and farm houses
      • Land not currently being farmed under the Habitat Scheme or Crop Rotation Scheme
      • Some agricultural shares and securities
      • The value of milk quota associated with the land

      Agricultural Property Relief cannot be claimed on:
      • Farm equipment machinery
      • Derelict buildings
      • Harvested crops
      • Livestock
      • Property subject to a binding contract for sale

      We highly recommend meeting with one of our lawyers to discuss your agricultural assets, who will then provide you with a breakdown of the Inheritance Tax that is likely to be paid on your estate and suggest tax-efficient ways to mitigate this.

    2. What is a Will?

      A Will is a legal document that sets out what you would like to happen to your assets when you pass away. If you do not make a Will, your estate will be dealt with under the laws of intestacy, and your estate may be distributed to family members whom you would not have wished to inherit.

      In your Will, you appoint executors, who are people you trust to deal with your estate, guardians to look after any minor children, and beneficiaries who will inherit your estate assets.

    3. Do I need Lasting Powers of Attorney for my business?

      If you own a business, it is vital you make Lasting Powers of Attorney to ensure that if you lose capacity and are unable to make your own decisions, someone you trust can make those decisions on your behalf.

      If you lose capacity without making Business Lasting Powers of Attorney, this may cause issues for your company and even make small tasks very difficult, for example, using the business bank account.

    4. Do I need to update my partnership or cross-option agreements when making a Will?

      As part of our fact find with you we will check your partnership agreement or articles of association and suggest any recommended amendments to ensure that your wishes are carried out on death and check that the business will have the funds available to pay to your estate on death.  We will check that the necessary cross options are in place and if not make our recommendations on what is required to effect your wishes.

    5. Why do I need Inheritance Tax advice?

      Inheritance Tax planning is vital for maximizing your estate and reducing your Inheritance Tax liability. Through tax-efficient planning, you may be able to save over £1 million in Inheritance Tax which would have been payable had you not obtained legal advice.

    Speak to us to see
    how we can help

    0161 926 1535

    Why choose the mlplaw team?

    • Unparalleled Expertise and Experience

    We are vastly experienced, Legal-500 recommended Wills, Trusts, and Probate experts.

    We achieve successful outcomes for our clients and help them to navigate the complexities of Private Client law.

    Our team includes STEP-qualified lawyers, the highest level of qualification for a Wills, Trusts, and Probate practitioner, and all of our lawyers are members of Solicitors for the Elderly.

    • Your family, your service

    Your family is unique, as are the challenges it faces. That’s why our approach is all about crafting bespoke strategies that fit your specific needs.

    Whether your personal and financial circumstances are straightforward or complex, we can plan and implement effective solutions to achieve the best outcome for you.

    • In your corner from start to finish

    You need someone in your corner who knows you and your situation inside and out. As seasoned experts, we stand by your side from the moment you need us to the conclusion and beyond, representing you and supporting you along the way.

    • We don’t like legal jargon

    Communication is key. We use clear, plain English to explain the law and legal processes to you.

    We are transparent about our costs, offering fixed fees and preparing pricing options for you to choose from, so you are never caught off guard.

    • What our clients say…

    Our Wills, Trusts & Probate lawyers have over 50 reviews on Review Solicitors, demonstrating their commitment to providing excellent service. Here are some short testimonials:

    “Excellent, professional and friendly”

    “Extremely knowledgeable and helpful”

    “Supportive, efficient and effective”

    “Communication and approach was first class”


      Request a consultation

      Simply complete the form below and one of our experienced team will be in touch soon




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