Finally I’ve got around to writing a Blog. The intention is to update on things I have learned or been asked. Succession is such a wide subject and so this Blog will be an opportunity to cover things that are not always mentioned at Family Meetings or Workshops. I’ll also try and keep it light but please bear with me as I get used to doing this!
I was excited to be mentioned on Radio 4’s On Your Farm a few weeks ago. The McConchie family had a meeting arranged with me some years ago through the wonderful Caroline Millar. It was so good to hear how they had made their plan work so successfully and so nice to be mentioned. Good luck to them, they have an amazing future.
One item mentioned at an AHDB workshop recently was the importance of having your land registry documents. One couple had decided to sell their farm and had huge problems as they couldn’t find their documents. They luckily had some paperwork that proved their ownership but it still meant they had to spend money to get it all sorted. Of course Murphy’s law intervened and the documents turned up afterwards. The bank were closing a branch and having a clear out and the documents were found. So probably a good idea to check that yours are in order, especially if you have bought the odd piece of land over the years.
Lots of people ask about Lasting Power of Attorney and I feel smug that I can now say I have finally sorted mine out. There are different types of P of A but the one I am interested in is Lasting Power for business/investment issues. This means that if something happens to me and I am unable to manage my financial affairs my 2 children are able to do this on my behalf. I hasten to add this is not an age issue!! Any one at any age can suffer a stroke or have a debilitating accident. Increasingly people are sorting out P of A for people as they become partners in a business. Power of Attorney can only be brought into action following medical evidence. I’m adding this in case my children get any ideas about my capabilities!
If you want to sort out your Lasting Power of Attorney talk to a solicitor. They will have the necessary documents drawn up for you and then have it registered with the Office of the Public Guardian. The cost is usually about £500 to £600. Well worth the peace of mind.
Well that’s it for now. I’m looking forward to a trip to a discussion group in Ireland next week. Also the Royal Welsh won’t be long now. I’m looking forward to it especially after spending a lovely day at the Royal Highland last week.