Article – How to prepare for a meeting with your Solicitor about Succession Planning
Succession planning is one of the most significant steps a farmer can take to safeguard the future of their land, business and family. Booking a meeting with a Solicitor is vital to understand your current position and the next steps needed to reach your goal for the future generation. Preparation for this meeting is essential to make the most of the professional advice and secure your farm’s smooth transition to the next generation.
- Defining your vision and goals
The first step before arranging a succession planning meeting is to consider your vision and goals for the present and long-term future of your farm. This includes questions such as do you want to retire or stay involved within the business? What are your income needs going forwards? Who are your successors and do you know what do they might want from the business? This will help to ensure clarity and is a solid basis for your Solicitor to work from.
- Family discussions
Family discussions also play a crucial role in succession planning. Decisions about who will inherit or take over the family farm can influence the availability of tax reliefs and the overall tax position of your estate. For example, passing the farm to a child actively involved in the business may strengthen claims for Agricultural and Business Property Relief, whereas dividing assets among non-farming individuals may limit the availability of the same reliefs.
- Understanding your business structure
One other crucial aspect of succession planning is to understand your business structure. Many farms operate as a partnership, sole trader or limited companies. Knowing this information is crucial as each structure carries different tax implications. For instance, a partnership may allow more flexibility in profit-sharing, which can be an advantage for succession planning. Knowing how your business is structured is vital when preparing for a succession planning meeting with a Solicitor.
- Establishing the true value of your estate.
The next step is to establish the true value of your assets. Farmers do often have ownership of a mix of property, livestock and deadstock, and each of these may be treated differently for tax purposes. Accurate valuations are essential as they form the basis for the inheritance and capital gains tax calculations, especially so since the recent changes to the availability of Agricultural and Business Property Relief. Equally important is clarifying ownership of the land and property. This means whether they are held in a sole name, held jointly or perhaps by/on trust for a farming partnership. Ownership arrangements can affect eligibility for reliefs and so your Solicitor will need this information in order to advise you effectively.
- Gathering necessary paperwork
The final aspect of preparation is to collect the paperwork which your solicitor will need to analyse. This includes any existing Wills, Lasting Powers of Attorney, property deeds and documents such as the Partnership Agreement for your business. These documents will give your Solicitor the full picture of your current situation and allows them to provide specific tailored advice for you.
Succession planning may feel daunting but is an investment towards your farm and family’s future. By defining your goals alongside gathering all necessary information and documents, you’ll provide a good base to honour your work and safeguard your farm and land for generations to come.
Written by Tudur Williams, Trainee Solicitor, based in our Newcastle Emlyn Office.
Original article published in the January 2026 edition of Farming Wales magazine by NFU Cymru. www.nfu-cymru.org.uk