"Succession planning down on the farm" Forsters Partner, Polly Montoneri quoted in the Times
Rural, Land and Business Partner, Polly Montoneri shares her insights on the rise in proprietary estoppel cases, in the Times article entitled "Succession planning down on the farm".
Following a number of high profile proprietary estoppel cases over recent years, increasing public awareness and the rising value of farmland form part of the reason for the rise in proprietary estoppel disputes. Polly discusses diversification within farming as another significant factor alongside the disconnect between generations about how to develop a modern farming business, highlighting that it is one of the challenges in ensuring a smooth transition between generations.
“There has often been a generational tension about how farming assets are managed over the years. There is always a period where the older generation needs to hand over to the younger generation. That is an aspect that has long been very carefully managed by families, advisers and lawyers to ascertain the best way to progress.”
“If you look back over the past 30 years diversification has become increasingly important. Some farms and estates have diversified because they wanted to, others because they have had to. Over time the stakes have become higher, with the younger generation now perhaps more ambitious in terms of, for example, environmental sustainability and being a source for green energy, which is a huge part of how the rural economy is developing.”
To read the full article (behind a paywall) please click here.