Trusts and farming partnerships for life

‘What is a lifetime trust, and is it right for you?’

If you are looking to transfer a farm from one generation to the next, a lifetime trust could be an effective solution. It also brings you a number of financial advantages, which can be invaluable with the on-going uncertainty about the future of Agricultural Property Relief against Inheritance Tax.

The specialist expertise to create an effective lifetime trust

Your farm may well be a family business where different responsibilities are shared between the generations. This can sometimes make it difficult to decide who’s the best family member to take over the business. A lifetime trust or farming partnership may well be the solution.

  • What is a lifetime trust?
    A lifetime trust lets you transfer part of the ownership of your farm during your lifetime. Your family will still own the farm, and it will still be held and managed in one piece, but more than one family member will benefit from it. It’s the ideal solution if you have relatives who need financial support from the business.
  • Transferring value
    A lifetime trust could help you transfer the value of your farm to the next generation. For instance, you could pass the value on to your grandchildren before they are old enough to manage the assets themselves.
  • Tax relief
    Lifetime giving lets you take advantage of current tax reliefs, even if they are withdrawn later. With the continued uncertainty about Agricultural Property Relief against Inheritance Tax, that may well be a valuable option for your family.

Our credentials

Angus Williams of Royds Withy King is praised by a source for his “rural background and thorough understanding of agriculture.” He handles rural property work including farm and estates transactions and agricultural tenancies.” Chambers 2017 South West

“Royds Withy King advises lender clients on tenancy and financing matters. Angus Williams is noted for his knowledge of rural property.” Legal 500 2016 South West

Contact us now to find out how a lifetime trust could help you transfer the value of your farm or estate.

Your understanding of agricultural issues and potential stumbling blocks meant you had dealt with all the issues and before they arose. This was a 'first' for us and we felt the whole process was handled extremely well, we were kept informed as to the process and all the paper work was very straightforward.
Brian Thornton, Bretto Limited

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