Not often an easy topic to broach, Enda Geoghegan of Teagasc Mayo shares five steps to take, to start the conversation about what happens next, in the face of the inevitable. As the recent West Cork Farming Survey shows, almost half of farmers do not have a will in place, which is a dangerous game to play.
One of the certainties in life is death. None of us are going to live forever, no matter what we might think. With this in mind, and the fact that we can’t take our assets with us when we go, it is essential to face this reality head on. This applies to everyone, regardless of circumstance.
Having a plan in place for what happens after we pass away is crucial. Such planning offers immense benefits to the loved ones we leave behind, and whether that plan takes the form of a will or a lifetime transfer, is a decision for the asset owner to make when they’re living.
The asset owner is the central figure in this process; the one who holds the power to begin the journey. While other family members can encourage and support, it is ultimately up to the asset owner to take the first step.
This begins with getting the conversation started, by sitting down with the family to explore their hopes and expectations for the future. Starting this conversation can be a major hurdle; many people prefer to avoid potential conflict, in a very Irish way, and seek to keep life simple.
However, this may turn out to be one of the most important discussions you ever have. Managing expectations is key, and everyone involved must face the facts not all expectations may be fulfilled for everyone, but that doesn’t mean that everyone can’t be satisfied in some way.
This fundamental conversation helps avoid future misunderstandings.
Second, get professional legal advice regarding wills, and explore the tax implications of any transfers, including lifetime transfers.
Next, check if the next generation are ready. They might need to complete the Green Cert, look at off-farm employment, or may want to pursue further education outside of agriculture and farming. There are also options for a gradual phased transfer, or a partnership arrangement, a case study of which is available in this week’s Southern Star Farming Supplement.
Once the hard stuff is done, it’s time to plan for retirement. What does the role of the retiring farmer look like, both financially and emotionally?
In an ideal world, all the above steps are followed, and at the end, there’s a generational renewal plan in place that everyone agrees with. Of course, reality doesn’t always go according to plan. Still, progress is being made so what’s stopping more people from taking these steps, or even from simply making a will?
One of the main barriers is fear. A farmer’s connection to the land runs deep. To many, it’s not just an asset; it’s a legacy passed down through generations. This deep emotional attachment can become a major obstacle to transferring ownership.
There’s also the fear of losing identity. The idea of handing over the farm can bring fears of losing one’s purpose or standing within the community. ‘What will the neighbours think?’ is a common worry.
Generational pressure can also be a factor; the younger generation’s expectations may unintentionally create pressure, leaving the current owner feeling obliged to act, rather than making a free, unpressured choice.
However, that’s not a reason to bury your head in the sand. You must start the conversation.
