Three generations of a farming family together in a farmyard

Succession Planning

Farm succession planning done well keeps estates together and families on speaking terms.
We guide farming families and landowners through succession planning, from the first conversation to an agreed plan. That means mediating family discussions, advising on tax implications and helping create solutions that are fair to everyone involved.

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The sooner you start, the more options you have

Succession planning is one of the most important conversations a farming family can have, and one of the most commonly delayed. The consequences of not planning, whether that is family conflict, a forced sale of assets or a significant and avoidable tax bill, are well documented. The consequences of planning well are equally clear: estates stay intact, families stay together and the next generation inherits something worthwhile.

Our role is to act as an independent third party, someone who can ask the difficult questions and mediate between family members with different priorities and timescales. Every case is different. We will translate legal and financial complexity into decisions that actually work for your family and your holding. We have helped families where one child has stayed to farm while siblings have built careers elsewhere, navigating the principle of sweat equity fairly and without conflict. We have structured arrangements where an estate has been divided into distinct enterprises, each run by a different family member, preserving the holding as a whole while giving each successor a clear role and stake.

The October 2024 Budget changes to Agricultural Property Relief mean that tax planning is now more urgent than it has been for many years. Inheritance tax exposure on farming assets has increased significantly, and careful, early planning is the most effective way to protect what you have built. Our Chartered Surveyors work closely with solicitors and accountants to make sure any succession plan is technically sound as well as practically workable, but we can also refer you to appropriate legal and tax advisers where needed.

KEY CONTACTS

Portrait photograph of Leo Hickish, Chairman of Batcheller Monkhouse.

Leo Hickish
FRICS MBIAC

01892 509280

Email Leo

Wooden farm gate with a keep-shut sign, bordering a green field

Your succession plan may already qualify for support

If your farm is already in, or considering an environmental scheme, it is worth factoring that into your succession plan early. Agreements can run for years and how they transfer to the next generation matters as much as the plan itself.

Explore Grants & Environmental Schemes

Common questions about farm succession planning

As early as possible, even if a generational handover feels a long way off. The earlier the conversations start, the more options are available, and the more time there is to structure things in a way that works for everyone. Waiting until there is an imminent need significantly limits what can be achieved.

Yes, ultimately, but not necessarily all at once. We typically begin with individual conversations to understand each person’s priorities, concerns and aspirations before bringing the family together. This helps avoid anyone feeling put on the spot and often uncovers important perspectives that may not emerge in a group discussion.

Sweat equity refers to the value built up by a family member who stays to work on the farm while siblings pursue other careers. If the farm is divided equally on the parents’ death without accounting for this contribution, the person who stayed may feel, justifiably, that their efforts haven’t been recognised. Agreeing a fair approach to sweat equity while everyone is still alive and able to discuss it calmly is far preferable than trying to resolve it retrospectively.

The changes to Agricultural Property Relief introduced in the October 2024 Budget have significantly increased the potential inheritance tax exposure on farming assets. This makes early and carefully structured succession planning more important than it has been for many years. We strongly recommend taking advice sooner rather than later given the changed landscape.

No. Circumstances change, people get married, children are born, ambitions shift, and plans need to be able to adapt. A good succession plan builds in flexibility rather than locking everyone into decisions that may no longer fit five or ten years later. We review and update plans as family circumstances evolve.

That’s exactly where an independent third party makes the difference. We act as an honest broker, able to put difficult options on the table without anyone losing face, and to help the family work through disagreements constructively. In our experience, most families can reach a workable agreement with the right facilitation, even where positions initially seem far apart.

Yes. A succession plan needs to be legally sound and tax efficient as well as practically workable. We work closely with solicitors and accountants throughout the process and can refer you to appropriate advisers where needed.