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FARM succession planning is one of the most crucial and emotionally charged aspects of running a family farm.
For farming families on Yorke Peninsula, there is a strong desire to achieve a “fair” distribution of assets among children — whether they are on-farm or off-farm.
Mildwaters Byrth Lawyers and Conveyancers lawyer and principal Joel Byrth said, however, the concept of fairness doesn’t go far when it comes to the law.
“As your lawyer, it’s my job to advise you that it is a waste of time arguing on that basis in court or in legal documents,” he said.
“So, instead, I will focus on terms like ‘equitable’, ‘balanced’, and ‘appropriate’, which are more aligned with legal principles and considerations when discussing the distribution of farm assets among children.”
Mr Byrth also said he could help balance the traditional and modern approaches to asset division.
Traditionally, farm succession favoured the eldest son, often leaving other children with smaller portions of the family wealth.
This approach aimed to keep the farm intact and operational, avoiding the fragmentation of farm assets.
Modern approaches attempt to achieve financial viability of the farming operations while offering a balanced share of assets to off-farm children.
This shift reflects broader societal changes and recognises the diverse contributions and needs of each family member.
Mr Byrth said some of his advice for achieving a balanced distribution of assets included communicating openly, considering children’s contributions, and seeking professional guidance.
“Discussing expectations and concerns openly can prevent misunderstandings and conflicts later on,” he said.
“On-farm children often contribute labour and management skills, while off-farm children may provide emotional support or financial assistance.
“As professionals, we provide objective advice, ensuring that all decisions are legally sound.”
Contact Mildwaters Byrth Lawyers and Conveyancers’ Kadina office on 8821 2199, Minlaton office on 0448 725 447, or for more information go online to mildwatersbyrth.com.au/.