Farmers from across Wales have come together online for a succession planning event hosted by RDP Law in conjunction with the Farmers' Union Wales.
Leading the conversation was Sioned Thomas, head of the Agricultural and Private Client departments at RDP Law. Sioned began the session by outlining the importance of bringing the family together to discuss the future of the farm. Sioned went on to outline common aspects of succession planning such as partnership agreements, wills, and lasting powers of attorney. The reality of dying intestate (without a Will) was also covered.
The interactive session soon moved to a question and answer round, with many attendees looking to ask Sioned questions about their own situations.
One participant asked if there was a right time to appoint a power of attorney. Another asked if a partnership agreement was needed if they had already outlined in their Will they wanted to leave the farm to their son. Other questions included rental agreements, agricultural relief and making changes to Wills.
Caryl Roberts, FUW Membership & Operations Manager said: “We’re grateful for Sioned and RDP Law for hosting a session on such an important and yet sensitive topic. This session allowed members to learn about succession and the various options available to farmers with no obligation. Members had a great opportunity to ask their questions and receive answers immediately.”
Sioned commented after the event: “It was a pleasure to have so many turn up for this very interactive and informal event. It’s more important than ever for the farming community to be having these conversations with loved ones and I hope the topics we covered this evening got people thinking in a way they haven’t before.”
She went on to say: “Succession planning is vital for any farming family looking to protect the future of their business. A succession plan is a long-term plan about the future of the farming business, the goals and vision of the business and a plan on how to achieve them. It forms part of the overall business plan and deals with more than just retirement and death. It is a common misconception that simply having a Will in place is enough, and this session explored just that.”