Retirement Planning

Often a family has lived off the property all their lives.  But for them, as for all farming families, the day will eventually come when  Mum and Dad need to think about their retirement - handing over the management of the property to one of their children.   Often this causes tension in the family because sometimes people don't quite see things the same way.

Let KNM arrange for a consultant to help you walk the difficult track of Succession Planning for your property and for your Retirement.

Your Will

What happens if you pass away in the meantime?  What does your will say?  Have you got a will?  When was it last updated?

Let KNM help you make a will.  Speak with one of our advisers and we will talk it through with you and provide you with the tools you need to make or update your will.

Succession Planning

Okay, you have an effective will.  How do you provide for your farm to be dealt with?

Often farmers don't want their property split up.  They pass it on to one of their children to manage and look after for the next generation.

What if you leave your property to one of your children?  What does this mean for your other children?  Will they feel left out, deprived, hurt?  Often, this is what happens and families usually break up as a result or they spend years in the court system trying to unravel your testamentary wishes.

How do you avoid this?  Sure, devise your farm to one child only, but leave something of equal or appropriate value for the others and you can do this through a life insurance policy.  It is an efficient way to ensure your family is looked after and that everyone feels you thought about them.