Farmers urged to make wills

It is crucial for farmers to draw up wills, a politician has stressed.

According to Michelle Gildernew MP, such people must make legal arrangements prior to their deaths in order to protect the future viability of their businesses.

Failure to make a will can cause long delays to the release of financial entitlements and can add to the trauma of losing a family member, she said.

She also pointed out the possible difficulties that can occur concerning probate in the absence of wills.

Ms Gildernew said: "I appreciate that the transfer of the farm business can be a sensitive issue and it is therefore natural to delay making decisions."

However, this is not a reason to ignore the importance of drawing up wills, she added.

The MP advised farmers to seek advice from a legal expert, claiming that doing so can make the transition of property rights easier in the aftermath of a bereavement.

Recently, Phil Perry, director of independent financial advisory firm Ark Financial Planning, described wills as a "major part of financial planning" and said that people should review them in the same way as they would their investments and pensions.
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24/09/2009 11:22

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