A Guide to Transferring the Family Farm 2026
The purpose of this publication is to help farm families familiarize themselves with some of the complex issues that can arise while developing a farm succession plan. It is essential for every farmer to have a succession plan in place.
By Teagasc Financial Management Specialist Team
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There are complex legal and taxation rules that, if planned for, can be managed easily. If not planned for, however, there could be a major impact on the viability of the farm business. Some of the issues relate directly to the absence of wills or the failure to keep these up to date. If a farmer dies intestate then the assets are divided along the rules on the succession law – spouse receives two thirds of the estate and children get one third split between them.
As part of the completion of a succession plan all of the family need to be consulted. Too often parents assume that their children want to farm or do not want to farm. With the benefit of an open and frank discussion all of the people involved know where they stand. A plan can be created accordingly. It is really the parents who must take the initiative as they are the ones on whom the decision rests.
This publication looks at seven areas that require consideration when a succession plan is being put in place:
- The Farm Business
- The Farm Family
- Legal Issues
- Taxes
- Collaborative Farming
- Availing of a Pension on Retirement
- Education