It is recommended that you review your Will every 3 to 5 years, but if your farm has expanded, downsized, or diversified, then you should also look at your Will to ensure it reflects your wishes.
Laura Carter, Associate and agricultural specialist at Ware & Kay and Pearsons & Ward Solicitors in Malton (part of Ware & Kay in York and Wetherby), highlights the key changes that should prompt a farmer to review and update their Will.
Has the value of your farm increased substantially?
If your farm has grown substantially then it is important to have the ownership of the farm’s assets checked and for them to be valued.
Based on the valuations received, you can then consider making a new Will to help decrease any liability for inheritance tax, particularly to take advantage of…