Farm Succession

As any farmer will tell you, farming is a way of life as much as it is a career, irrespective of whether there’s 10 acres or 10,000.  A farm isn’t just a big paddock with animals.  It might hold the family home, or multiple homes, and might employ one or more of the children, as well as a host of hands.  It could be run through a farmer’s sole name, through a company, trust, partnership or a combination of all of these.

Then there’s the machinery, stock or crops, equipment that is on loan and hay that is sold awaiting collection.  There’s probably a dog or two, a paddock promised to a specific child and the house that the family grew up in.

For most farmers, the farming enterprise is the most significant part of their estate, so much so that if a farmer dies and their estate is to be divided between the children, the challenge of how to keep the farm is real.  This is particularly significant now that the price of land is what it is.  How do you provide for the child who stayed on the farm to run it, while ensuring equality with the child who moved into town to pursue a different career?

At RMB Lawyers, we know it is important to have a solid succession plan in place during your lifetime. We are experienced in helping farmers and farming families to map out options for the future of the farm and its transition to the next generation.  We understand the value of farming in Australia, the investment that goes into properties from the family, and the desire to achieve a result that is “fair” but that does not dismantle the farm itself.

RMB’s locations in Wollongong, Kiama, Nowra, Bowral, Goulburn, Braidwood, Queanbeyan and Camden has allowed us the privilege of performing substantial quantities of work for farmers and other stakeholders in agriculture for over 135 years. Our firm’s strong positive reputation has been built off our work in this area and the relationships that we have built.