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Why don’t British farmers put their farms in a trust with all living offspring as Trustees? https://www.franchiselocal.co.uk/news/why-dont- british-farmers-put-their-farms-in-a-trust-with-all- living-offspring-as-trustees

Growing old is mandatory; growing up is optional On average, our bodies are all living longer, however our brains are struggling to keep up with the pace. For those of us lucky enough to have a pot of gold in the bank or for those who have both good health and wealth, things should be fine and dandy. However, for the vast majority of us, planning our affairs so that the money will last as long as you do is very important. What appeared to be an adequate amount of income when you first retired may not be so ten, twenty or thirty years later. Securing a financial plan We should all make a plan of one sort or another. Everyone needs a financial plan that stands the test of time. A wealth plan will ensure that you can count on your plans for retirement in later life. Bad health and lack of funds can derail your financial plans very quickly. The curse of high inflation and low interest rates do not help, but you can protect your finances and adjust your planning to you changing spending patterns, with some good legal advice… Planning for failing health Although failing health can be more difficult to plan for, a Critical Illness Policy will help should anything serious happen to you. For the price of a newspaper, £1.50 per day you could be fully insured up to £50,000 pounds in cover, which will afford you peace of mind well into your later years. Funding long-term care Try not to leave yourself exposed, place your Assets into Trust, this way your assets will pass to your loved ones. If your property is in Trust no one can force you to sell it to pay for long term care. If you already need funds for long-term care, our specialist team of advisers for elderly clients can suggest some strategies to help you cope with the costs. These include reviewing your current pensions and savings; considering tax-efficient immediate care plans and equity-release options; and helping you understand the state benefits that are available to you. Preserving wealth for your family To ensure that your hard-earned wealth goes to your loved ones, and that there are no squabbles, convert your standard will to a Will Trust (Trusts cannot be forced into the probate courts). It's vital that your old will is transferred into a Will Trust these days and that it reflects your wishes and is tax efficient. Our Wills and Power of Attorney service can help make sure that you’re Will documents your wishes and is easy for your estate to administer. Please do not hesitate to contact us for Probate Wills & Trusts advice.