Many farmers are reassessing their business plans in light of Brexit, and it’s vital that they add succession planning to the agenda, according to the Central Association of Agricultural Advisers (CAAA).

The orhanisation believes that Brexit is likely to produce not only a more challenging environment for farming but also a more commercial one, so it’ is advising that all aspects of the farm need to be prepared for the future.

Though the issue of succession is always there for families, this transitional period could be a key opportunity to get succession planned while reorganising the farm business to cope with other changes.

Jim Aveline, partner at Burges Salmon solicitors, said: "Although each situation will be individual, the same issues come up across the board when succession planning. It’s about finding a balance between passing the assets down and stepping back, while still maintaining a bit of control and not losing them to divorce, death, tax or bad planning."

Often, farmers are worried about weighing the interests of different siblings while still making succession work for the business. Mr Aveline said: “Keeping the business together can be more important than being fair. The younger generation needs a bit of certainty and reason to commit to the business, while the other siblings need to know what they are going to get.”

The easiest way to deal with this is to pass the farming assets to the immediate successor and non-farming assets to the other siblings - but often these assets are needed to keep the whole farm going.

Mr Aveline said: “In these cases it may be worth working out the value of the non-farming assets and paying the siblings from the business, as and when it can afford it.”

Business owners should also ask whether the immediate successor is the right person for the job and businesses may need a new approach under independent UK farm policies. 

When it comes to paperwork, pre- or post-nuptial agreements can be important and the same is true of having a will.