Careful succession planning is a part of farmers’ life

NEW HOMES, NEW LIVES: Bill and Sue Parsons (right) have stepped back from life on the farm, leaving its management to son Sam and his wife Rachel. Their son Angus may be watching all this carefully.

WHAT do you do when you’ve had enough farming and would like to ease back and enjoy the rest of your life?

How do you arrange for someone to take over the farm and how should the farming assets be allocated without showing unwarranted favoritism?

Too often farms left to the farming couple’s children end up being split up, with each taking a portion of the farm – which then becomes only marginally useful – or useless.

A couple of years ago Bill and Sue Parsons decided the time had come to give the sheep and cattle a new home and let his son Sam and daughter-in-law, Rachel, take over their management.

Fortunately family friends told them of a solicitor in Bendigo who had developed a package to assist in agricultural succession.

The first requirement is to have a will – one that should be seen to distribute assets equally or otherwise it may be contested, causing family strife.

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