Will

[Walterp]

You have all made a Will, right?

 

[Roger Perry]

Will add also, what we call a "Living will" covers what happens if you are alive but compromised......who do you want to take control of your healthcare for instance.

Get a separate one regarding financial matters and importantly get separate people to administer it................otherwise there may be, how shall I put it, a conflict of interest..!

 

[franklin]

Nope.

 

[FonterraFarmer]

You have all made a Will, right?

No chance of being intestate, reveiwed whenever circumstances change.

 

[FonterraFarmer]

Nope.

For once Walter is correct , get one, ASAP!

 

[Pond digger]

Indeed.

 

[roscoe erf]

no i plan to live for ever or die trying failing that I'm spending it all

 

[ewald]

Do an enduring power of attorney as well - if you (or someone in your family) loses mental capacity, it is impossible to manage financial affairs or make care decisions without reference to the courts.

 

[wr.]

Yup. Did it years ago.

 

[Gatehouse Farm]

Nope, let em scrap over the bills and overdraft

 

[happycows]

I really want too. It’s bloody difficult with 4 sons by 2 marriages and each of those will probably inherit from both there Mums side and probably grandad my side. We’ve discussed time and time again.
I’m the 5th generation here and every field, tree, gatepost, well tells a story of life and death and tales of fun and laughter. My desire for it to stay in the family for the future generations is massive. That makes it very difficult especially as it’s only just over 100 acres.

 

[Sid]

Where there's a will there's an argument?

 

[franklin]

I have LPAs. I reckoned on a) the chances of being in a major accident were much higher than actually dying and b) the only instance where the standard intestacy rules would be unhelpful would be if both my wife and I died in the same event. The chances of this are quite small. At my age, if say there were at least two things to do with higher priority than making a will:

1) Get LPAs,
2) Make sure your partnership agreement is in order.

3) Remember to have some quality time with your family.
4) Make sure your parents have up-to-date wills and a list of where their bank accounts are, if they havent already made you signitories etc.

Risk of my spouse and I dying = low. Risk of issues caused by wife leaving / parents dying etc higher. If funds are limited, which they are, an LPA will serve a younger person better than a will. This is all dependent on your actual situation, so I would say make an appointment to see what is needed.

 

[Sid]

What about life insurance?

If you have a family under 25 do you really want to leave them with a mortgage at 17 and the prospect of running a farm as well?

 

[franklin]

What about life insurance?

Situational. If you are young and dont have any medical issues you may find a single premium to cover your up to your kids getting to 18 is not dear. I was quoted a very small quanitty for £500k and 10 years worth of cover in a single payment.

 

[smcapstick]

Nope. I have been meaning to... but as an extremely forgetful serial procrastinator, I haven't got round to it yet.

I should be speaking to my solicitor today, though, about the house so I'll drop it in at the same time. I'll write it on my hand so I don't forget!

Thanks, @Walterp

 

[Pieces_of_Eight]

I don't have a will, but I have thought about it.

I don't have any children, own any property or have any mortgages, bank loans or overdrafts.

So where is my need for a will?

I do appreciate that my circumstances could and probably will change over time.

 

[FonterraFarmer]

Where there's a will there's an argument?

Without it there will be a punch up, gbh a generous financial contribution to the lawyers A will with a bit of an arguement should be a walk in the park by comparision.

 

[Still Farming]

Big subject .
Devil you do Devil you don't .
Who do you leave it too - arguments -head aches - too small for all kids to farm - some want to farm other don't?
Sell all and give money ?
Tax -trusts - family - issues - ????
Crystal ball .

 

[Sid]

Situational. If you are young and dont have any medical issues you may find a single premium to cover your up to your kids getting to 18 is not dear. I was quoted a very small quanitty for £500k and 10 years worth of cover in a single payment.

Sorry but 18 is too yoing to be left in control of a reasonably sized ag business with 500k worth of debt. Add another 8-10 years onto that.