.png)
.png)
03 August 2010
How should the succession be treated when a farm is settled by will on trust?
A farmer left his business at the date of death to trustees on trust for sale. The basic terms are that until the son is 35 years’ old the farmer’s widow is to have the benefit of the use of the farm business or the proceeds of sale and any income thereof if the business or part of it is sold.
If the widow was to die before the son is 35 the business is to be held on trust for sale for his benefit and afterwards for him absolutely. Finally if the son died before 35 the assets income etc. are held for any of the farmer’s other children.
We have prepared the accounts for a couple of years. The farm has been trading for over 20 years but balance sheets have never been prepared although I would mention that the livestock valuation in...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
