The Time for Action is Now: Succession Planning for Farming Families

It is often said that the single biggest threat to agriculture in Australia is the lack of proper succession planning. When done proactively and holistically, succession planning minimises the risk of unintended family disputes protecting both the family relationships and the farming businesses for future generations. It is important that the plan for how the family farm and businesses will be passed on is prepared in consultation with all relevant stakeholders and is reviewed regularly and prepared well in advance of the death of the land holders. This session examines the key issues, including:

• Differences between succession and estate planning (and how to convince clients to prioritise succession planning)
• What is meant by proper and holistic succession planning (i.e. what advice from other specialist practice areas is required) and how to identify the relevant stakeholders including potential third parties
• Tips and traps for working with families to prepare a succession plan (when to start, who to involve and what to do when discussions prove futile)
• Structuring a family farm succession agreement and what other supporting documentation should be considered
• Practical steps lawyers should take to protect themselves against claims ( what to record and when, role of independent witnesses, protection against claims of duress, fraud etc)
• Lessons from recent cases