document and present the plan.
» Keep the plan brief and simple, no more than two or three pages.
» Ensure the plan includes definite handover milestones with specified dates.
» Ensure the family members commit to meeting those milestones.
» Treat it as a living document to be updated as circumstances change.
» Hold a meeting with all family members to present the plan.
» Get a Deed of Family Arrangement which secures agreement to the plan signed by all family members.
A detailed plan will articulate what is intended and give the family something tangible to respond to.While this plan should be written down, it does not need to be extensive.Two or three pages should be sufficient.
The plan will clearly outline what is intended, how that is to be put into action and the legal aspects required to bring the transition from one generation to the next to a successful conclusion.
This plan should form a Deed of Family Arrangement document which outlines the main milestones agreed within the plan.The actions the participants agree to take, what everyone, including non-farming children will receive and when.All family members should be asked to sign the Deed.
Ideally this plan will also establish the platform to repeat the exercise 25 years later when the following generation is ready to take over.
If a comprehensive plan is developed and can be achieved within the appropriate timescale, then all members of the family can continue to look each other in the eye over Christmas dinner every year.