Where There's a Will, There's a Way!

Article by Neil Hooper Byfields Director

Over the past few weeks, I’ve had several conversations with farming families about the growing complexity of succession planning. This has been partially caused by the dramatic rise in land values over the last decade or so, which has made the equitable balancing of assets between farm and off farm siblings more difficult to achieve. This increase has not only complicated succession planning, but in many cases has also made will preparation far more complex.

It’s understandable that many clients are hesitant to update their wills amid this uncertainty. But putting it off doesn’t make the issue go away. Most of us know of cases where someone has passed without a will—or with one that was outdated or poorly drafted—leaving their family to navigate a costly and emotionally draining legal maze.

The fact of the matter is that many farming families net assets are now substantial, and if wills aren’t well thought through the prospect of family conflict is significantly higher.

Here’s the bottom line: while preparing a will can be confronting, delaying it indefinitely isn’t fair to your loved ones. The risk of leaving behind confusion, conflict, and financial complications is simply too high.

Now more than ever, it’s vital to work with a lawyer who understands the unique challenges of the agricultural sector. Ideally, this should be done in tandem with an accountant who knows your and personal circumstances inside out.

At Byfields, we generally supply client information, including their financial structure, trust deeds and landholdings, to the lawyer in advance of a meeting. We then meet with the clients along with the lawyer to discuss all aspects of the estate plan. We also ensure documents such as enduring powers of attorney are considered. Once the wills are drafted, we review these to ensure nothing has been overlooked, and then ensure they are correctly signed and witnessed.

In my experience, when your accountant and an experienced lawyer collaborate, even the most complex situations can be resolved. But one thing is certain: 100% of wills that are never addressed will remain unresolved.

So, if you’ve been putting it off—make this the season you take action. Your family will thank you for it. Contact us today at www.byfields.com.au to get started.