Succession planning is often a taboo subject in farming families. Yet it is a topic that requires attention and conversation. To help address some of the uncomfortable questions and shed light on issues that go beyond retirement planning, the Farmers’ Union of Wales has teamed up with South Wales based law firm RDP Law and is hosting a virtual seminar.
The event, which is free for FUW members, will take place on Wednesday, July 8 at 7.30 pm and is hosted via Zoom.
Leading the conversation on the night is Sioned Thomas, who heads up both the Agricultural and Private Client departments at RDP Law. She has extensive experience in estate administration and succession planning for farming clients as well as acquisition, disposal and re-financing of agricultural property. Sioned has a farming background and understands that the family relationship within a farming business is like no other.
“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 will explore the topic in more detail,” said Sioned Thomas.
FUW Operations and Membership Manager Caryl Roberts said: “Many of the solicitors at RDP are from farming families and know only too well the thin line that agricultural clients increasingly tread between farming success and failure.
“We are therefore excited to host this seminar with them and hope FUW members join us virtually on the night. It promises to be an informative evening with the opportunity to ask Sioned questions on the subject.”
To register for the event contact your local county office.