Will

[Sid]

You cannot be more wrong!
I was left in charge at 21 after my father had an accident and was off for near 2 years , when he was fit again he looked at the farm and decided I was doing such a good job he could sit back?
I know of other youngsters who took over younger, and my great grandfather is supposed to have taken over a farm At 14!

Maybe it is with that burden of debt but my gran left school at 14 in 1942 on the sudden death of her Dad. He was killed after flipping his tractor back over with spade lugs just 400 meteres from where I’m sat now.
With staff already working on the Farm she took too it well until she married in her early 20’s and was very much involved until my dad and uncle took it on in 1975.
Some can step up to these challenges when it’s required. There are plenty of wise heads on young shoulders.

What i am saying is that life assurance would need to cover to young persons age to 25. 18 is too young not to run the business but to be saddled with a large debt.

I want my sons to get away from the farm and have some life experience , travel etc not be tied to the farm due to borrowings.

 

[franklin]

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.

I sincerely hope that neither of my children end up farming. It sucks the very essence out of your soul; tears out your heart; burns them; and throws them in the bin.

Who or where do I go to get a quote? I spoke to someone this morning but he only wanted to know how much a month I wanted to pay

Online, but I got the best quote through my accountant.

Be aware the different types of life assurance / insurance.
Some only pay out on death, due to accident/ illness/ etc.
Some pay out when you get to the 25 years or whatever.
Some pay out on either, and many never pay out .
Getting it wrong, Can mean paying for many years into a policy which will never serve its intended purpose

Dont forget that one of the major killers of young people, and especially of farmers, is suicide - always disclose everything, have a medical, and check what the exclusions are. Typically there is a 12 to 18 month suicide exclusion.

 

[Pond digger]

is it still the case if it ever was that the solicitor who is left as an executor is entitled to a percentage of the value of the will as well as standard charges,Law society guide lines 0.75% on property and 1.5% on other assets, could prove costly

I think it’s fair to say that you should never have solicitors and banks as executors. Why on earth they think they should be entitled to a percentage of someone’s life’s work is beyond me, but it does happen.

@Walterp perhaps you should respond to @Forever Fendt because it’s a very important point, and I know for a fact it’s caused a great deal of angst.

 

[Sid]

I think it’s fair to say that you should never have solicitors and banks as executors. Why on earth they think they should be entitled to a percentage of someone’s life’s work is beyond me, but it does happen.

@Walterp perhaps you should respond to @Forever Fendt because it’s a very important point, and I know for a fact it’s caused a great deal of angst.

Our "family" solicitors wanted a 5 figure sum to sort my mum's will. Accountant did it for a quarter of the price.

I did use them for the purchase of a farm last year. They wasted 3 months as the conveyancing partner didn't realise part of the farm was in trust even though i told them.
And the icing on the cake was i was reading the dairy farmer about stamp duty and I worked out we had overpaid on stamp duty due to the rate changing during the purchase.

Are all solicitors the same @Walterp?

 

[multi power]

Our "family" solicitors wanted a 5 figure sum to sort my mum's will. Accountant did it for a quarter of the price.

I did use them for the purchase of a farm last year. They wasted 3 months as the conveyancing partner didn't realise part of the farm was in trust even though i told them.
And the icing on the cake was i was reading the dairy farmer about stamp duty and I worked out we had overpaid on stamp duty due to the rate changing during the purchase.

Are all solicitors the same @Walterp?

They are not all the same, some are even worse

 

[Exfarmer]

I am very sad to hear such negative coments about solicitors. My solicitor of the last 30 years has been a great support giving mostly excelent advice and in my view was remarkably cheap when I sold my farm.
Choose a solicitor as a friend , take local advice and steer wide of these new chains who are really only interested in the bog standard house conveyance and divorce work

 

[Sid]

My solicitor of the last 30 years has been a great support

Because you have been paying them.

in my view was remarkably cheap when I sold my farm.

Did you get quotes? As you would with the agent that sold the farm?

Choose a solicitor as a friend ,

Friends don't usually charge for advice.

 

[Dry Rot]

An honest solicitor wouldn't...

I went to my solicitorshortly before he retired to get a will drawn up. His reply, "You don't need a solicitor to make a will". I never did get a final bill. A nice man and I'm going to miss him.

 

[Henarar]

I went to my solicitorshortly before he retired to get a will drawn up. His reply, "You don't need a solicitor to make a will". I never did get a final bill. A nice man and I'm going to miss him.

we had one like that, job to find another

 

[Danllan]

I went to my solicitorshortly before he retired to get a will drawn up. His reply, "You don't need a solicitor to make a will". I never did get a final bill. A nice man and I'm going to miss him.

That's right, you don't, but a will needs to be unambiguous and properly witnessed. The witnessing is simple enough, unambiguous phrasing is also simple for some, others struggle with it. Truth be told, an awful lot of 'legal' matters could be dealt with by most people if they had the confidence to do so.

Barristers are lucky, because regardless of knowledge a client may have, and it is sometimes very great, the ability to stand up and advocate a position in the Courts is not generally held.

 

[lim x]

I made my Will in my 20's. Altered it a couple of times as circumstances altered.
Its probably ready for another review before my Solicitor retires in a couple of years.

I think you are best to get on with it whilst you're young. Some older folk find it difficult to broach the subject, as it's like a nail in the coffin so to speak.

Also, include anyone whom you don't want to make a claim on your estate, and leave them a 'bit of something', there's no disputing then that they have been forgotten or are due a 'lot of something' as you have made it quite clear what they should have.

 

[Pieces_of_Eight]

leave them a 'bit of something'

However many tins of dog food are in my ownership at the time my clogs are popped.

 

[Forever Fendt]

They are not all the same, some are even worse

Local one misappropriated £1m of clients funds then went bust and guess what he works for a firm of solicitors about 5 miles away now,All fact not hear say can be read about on internet and in local papers

 

[bobk]

I am very sad to hear such negative coments about solicitors. My solicitor of the last 30 years has been a great support giving mostly excelent advice and in my view was remarkably cheap when I sold my farm.
Choose a solicitor as a friend , take local advice and steer wide of these new chains who are really only interested in the bog standard house conveyance and divorce work

Both my solicitor and my wife's have done lengthy prison terms ......

 

[Dry Rot]

Anyone seen "Laughter in Paradise"? It's a film about a pratical joker who left his fortune to his relatives on condition that each one performed a certain task. Worth Googling. The sting in the tail is that although they all complied with his terms, he actually had no money at all! The old ones are the best.

I'm leaving my greedy little brother a signed photograph....

 

[franklin]

I am very sad to hear such negative coments about solicitors. My solicitor of the last 30 years has been a great support giving mostly excelent advice and in my view was remarkably cheap when I sold my farm.
Choose a solicitor as a friend , take local advice and steer wide of these new chains who are really only interested in the bog standard house conveyance and divorce work

There is some irony that I am married to a solicitor who specialises in wills, probate, tax and trusts.

 

[multi power]

Both my solicitor and my wife's have done lengthy prison terms ......

Basically a solicitor's job is to lie

 

[Still Farming]

That's right, you don't, but a will needs to be unambiguous and properly witnessed. The witnessing is simple enough, unambiguous phrasing is also simple for some, others struggle with it. Truth be told, an awful lot of 'legal' matters could be dealt with by most people if they had the confidence to do so.

Barristers are lucky, because regardless of knowledge a client may have, and it is sometimes very great, the ability to stand up and advocate a position in the Courts is not generally held.

Bull S..t baffles Brains !

 

[Danllan]

Bull S..t baffles Brains !

One of the first things you will learn as a pupil Barrister is that you don't try and bullsh*t in Court. It will be guaranteed that, regardless of the subject, listening to what you say will be an expert on it just itching to make you look stupid.

As for other Counsel and Judges, the old adage applies 'Don't try and bullshi*t a bullsh*tter...'

 

[Exfarmer]

A good close solicitor will sort out the mistakes which are so easily inserted. Such as splitting

Basically a solicitor's job is to lie

So you are saying that you would pay money to a man/ woman you know is lieing to you?
My solicitor told me his job was to always put the best gloss on any situation in court, but never to lie.