Agricultural Estate Planning

Agricultural Estate Planning - MLP Law

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.

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

Speak to our Wills, Trusts & Probate Team

0161 926 1535

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

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.
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.
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.
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.
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”

Must-read Wills, Trusts & Probate Blogs

Understanding Trust Disputes in the UK: A Comprehensive Guide

16th Aug 2024

Agricultural Estate Planning

Estate Planning

Request a consultation

Our services include:

0161 926 1535

Our Approach

Testimonial

FAQs

Speak to us to see how we can help

0161 926 1535

Why choose the mlplaw team?

Request a consultation

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Speak to us to see
how we can help

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