What are your rights when you have been left a half share in the net proceeds of sale and the net income until sale of a property (farm)

[Same man]

Have you a claim to half the net income of the farm? what are your rights as the half owner?

 

[curlietailz]

I’d find an Agricultural solicitor to look at your situation
Every one is different
If you have a half share in a farm business you may well be liable for half the losses as well
And with no BPS and fert at £700/ton these may be large

 

[Lincoln75]

I’d find an Agricultural solicitor to look at your situation
Every one is different
If you have a half share in a farm business you may well be liable for half the losses as well
And with no BPS and fert at £700/ton these may be large

People forget that.

 

[teslacoils]

Depends.

If you are brothers with the other half share owner, and he actively farms it right now, and your father or whatever has just died, the correct course of action is to sit down and let him get on with it while he tries to find a way to sort it out. In that situation, the incorrect course of action is to let anyone's money grabbing urban spouse insist on the last possible penny.

If it's a family situation then catagorically the worst thing you can do is get another solicitor to wade in. They will smell the scent of money and multiply that by the number of hours they think they can stretch it out.

Sit down with other half share owner, and accountant, and have a nice cup of tea. Chances are you're now quite rich on paper, and that any pile of dosh is not worth a big family hoo-ha over.

 

[tepapa]

If your not currently farming it yourself, remember that the profit will need to cover the labour cost, which if it's included, could possibly wipe out any profit

 

[Pan mixer]

Yet another family situation developing which will only fatten lawyers and cut down on family harmony for ever if it gets out of hand.

Talk to the other benefactors, find a family friend (if this is a family issue) to mediate, someone all parties trust and who probably knew the deceased persons wishes too.

 

[MCook]

If you have been left 50% of the farming business, then technically yes - though the exact splits etc will depend on exactly what has been left to you.

As others have mentioned, how best to split any farming profits or losses should be discussed with your partner and accountant to maximise any tax savings and support the business.

 

[Lincoln75]

As mentioned before don't engage a second solicitor or it will become a financial crap fight and only the solicitors will benefit, have a meeting with the other share holder with the company accountant and try to have a mutual agreement, bear in mind the farm may not be making any surplus cash for you to draw , just bide your time and enjoy the benefits after the sale.

 

[teslacoils]

I'm reminded that disputes between farming siblings over inherited money are almost always caused by the spouses in the background pulling strings.

Op, I'd suspect that whatever has been arranged has been done to allow an orderly sort out of things while allowing any existing business to keep trading on the meantime. This allows things like stock to be sold at the best time; any farm sale to be arranged and the farm to look "at it's best"; any other siblings to see if they can buy you out etc. All will have been done with best intentions.

 

[ISCO]

I would go and see a good probate/agricultural solicitor to explain your interest and rights.
Contrary to some posts above you can do this without starting a family feud or running up a large bill. You are the client and you simply instruct your solicitor to advise you and not to contact the other solicitor.
With knowledge you can then consider your position and how you wish to proceed.

 

[Highland Mule]

Have you a claim to half the net income of the farm? what are your rights as the half owner?

“Net income” is very different from “gross income” and “profit”. Unless you understand that, you may be disappointed.

As for others, I suggest a good long civil chat with whoever has the other 50%, to understand what exactly you have inherited (asset or liability) - you’ll need that for sorting the legal aspects anyway.

 

[Bongodog]

As with most others I would guess this is a situation with two siblings, only one of which works on the farm, with this question being asked by the non farming sibling.

The non farmer assuming they are in employment needs to look at their own terms and conditions, 37 or 39 hour week, sick pay, 5 weeks or more paid holiday, any work outside 8am - 5pm Monday - Friday voluntary and paid at 1.33, 1.5 or even 2 x standard rate, bank holiday working a 2 x standard rate and an extra days holiday.
Then look at the siblings responsibilities, manual worker, machinery operator, manager, administrator etc.

Cost all of this at standard employed rates and the net farm income will surely be NIL

 

[steveR]

I would go and see a good probate/agricultural solicitor to explain your interest and rights.
Contrary to some posts above you can do this without starting a family feud or running up a large bill. You are the client and you simply instruct your solicitor to advise you and not to contact the other solicitor.
With knowledge you can then consider your position and how you wish to proceed.

Agree.

The Solicitor will need sight of the Will and other documents such as all valuations etc etc. A couple of hours of his time, will be money well spent, whatever you decide to do. It will put you in a strong and knowledgable position with a proper understanding of the matter, and also the implications of the different options that you may consider.

 

[Frank-the-Wool]

Some more information is required on this. You state that you are now half owner, is that of the business or the land.
If you have been left a half share of the land then there are a number of tax efficient ways of utilising the potential income from this.

However if you have a half share in the farming business and you have no wish to contribute to the risks of this then why not just take a rent from your share of the land and separate the farming business from the land.

 

[betweenthelines]

Very unlikely that the wording of a Will will gift you half the net income (ie half of all sales) more likely half the gross income (ie profit)

If the person who has been left the other half is running the farm, I genuinely doubt there will be any profit to share-he/she will be entitled to a wage for the hours worked plus a fair reimbursement for his/her management of the business.

 

[Highland Mule]

Very unlikely that the wording of a Will will gift you half the net income (ie half of all sales) more likely half the gross income (ie profit)

If the person who has been left the other half is running the farm, I genuinely doubt there will be any profit to share-he/she will be entitled to a wage for the hours worked plus a fair reimbursement for his/her management of the business.

You sure you've not got gross and net mixed up there?

 

[Exfarmer]

None of us can have any clue on the situation , unless,
A, they have seen the will
B, they are a barrister.
It is absolutely useless asking questions of such a nature, as a couple of words in the will, may turn every piece of advice , however well meaning, upside down
Get proper advice and be prepared for dissappointment.

 

[Goweresque]

Chances are that if someone has just died and their will accepted as valid, then the whole shebang will be controlled from here on in by the executor(s). Both the sale and any farming operations that continue up until the sale. So unless the OP is an executor, he or she will just have to sit tight and let the named executors get on with it. Beneficiaries have surprisingly little say in the decisions made about the disposal of the estate, the executors have pretty wide-ranging powers, and are fairly secure in their position. While it is theoretically possible for executors to be removed from the administration of an estate, its not something that is easily (or cheaply) achieved, and would require proof of significant malpractice, not just 'they aren't doing what I want'.

 

[Wilksy]

Judging by his previous posts in a thread titled ‘deeds’ he is the farmer and has two sisters and things aren’t great between them

 

[puppet]

Agree not enough info. If the business or land has been left equally then the shares have to be calculated either by a valuation and paying out the others or a sale and divide the spoils. The longer that takes the more wrangling over splits of current profit ( or loss).
Accountant and solicitor needed but make up your mind first, ideally with agreement of the others