Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave.
Estate planning goes beyond drafting a will and includes making an assessment of your assets and the likely taxation consequences of your proposed Will.
Firth Lawyers would recommend that it may be beneficial to involve both your accountant and financial planner in your discussions with us when planning your Will.