In the latest Business Clinic, A Farmers Weekly reader asks Thrings which legal document presides: a farming partnership deed stipulating that no party transfers their share of the business without written consent, or the will of one of the partners passing a lifetime interest in the farm to their spouse.
Tax Planning & Trusts partner Mike Westbrook explains that, on the death of a partner, the share held will most often form part of the assets in the deceased’s person’s estate. However, it may not be as simple as that, for example, if the deed states that surviving partners are to acquire the remaining share.
Please click here to read the full article.