You've spent years building your farming business. Now it's time to make sure your legacy, family and farm are protected for the future. For many families, the farm is more than just land and buildings, it's a legacy built on generations of hard work and dedication. Planning how to hand it down is one of the most important, and often emotional, decisions a farming family will face.
If you feel ill-prepared to tackle this topic, you're not alone. In a 2025 study of 1,667 farmers for NFU Mutual*, 17.6% told us they still don't have a formal succession plan in place, even though they think it's important to have one, while another 12.7% of farmers do have one, but they haven't reviewed it recently.
With proposed changes to Inheritance Tax (IHT) from April 2026, now, more than ever, is the time to review your plans.
An enforced succession plan through bereavement, fall-out between family members, or a sudden change in personal or financial circumstances is unlikely to be as cost effective or successful as one that is planned out well in advance and with everyone's agreement.
The best time to start is when everyone is healthy and able to participate in open, honest discussions.
Here's how to approach farm succession with confidence and care.
Clarify what you want for the future of your farm.
Farm succession isn't just about handing over ownership and stepping away. It can mean transferring day-to-day management while retaining ownership until later. The key is to reflect on your goals. Do you hope to keep your farm in the family? Do you have children who don't want to be part of the farm's future? Are you open to selling? What role do you want to play as you start to hand the farm over? Will you stay involved for a while, or step away completely?
Understanding your own needs, as well as those of the next generation, is important when formulating your plan.
Seek financial advice
Farm succession involves complex legal and financial considerations, including Inheritance Tax, agricultural property relief and business property relief. Consulting with an NFU Mutual Financial Adviser can help you to navigate some of these issues and avoid expensive mistakes.
NFU Mutual offer guides and seminars to help families understand their options and make informed decisions.
Create a plan
Once you've agreed on a path forward, put everything in writing. To ensure a smooth farm handover, agree a plan, seek expert advice, put it into action, and review it regularly. Make sure all owners have valid wills and, where needed, a Shareholder or Partnership agreement, as this helps ensure ownership passes to the right people at the right time.
NFU Mutual can help with your farm handover personal financial plan. By finding out about your unique personal circumstances and financial aspirations, as well as answering any of your questions, we can help to create the right financial plan for your needs.
Your farm handover plan will almost certainly mean checking that you have the right pension, investment and protection arrangements in place. That may include making financial provision for those children who do not wish to be involved in the business.
There are a wide range of investment options that can be used as part of the family's succession plan.
NFU Mutual's philosophy is simple; we listen to what you want and use our expertise to recommend what you need. We get to know you, we listen to your objectives, in terms of handing down the farm and your personal financial goals, and we recommend a tailored financial plan just for you, to help you achieve what you want for your family and any successors in your farming business.
Please remember that the value of investments can rise or fall and you may get back less than you invested.
To find out more on how we can help you plan your financial future, contact your local agency office or visit nfumutual.co.uk/financial-services
NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers. When you contact us, we'll explain the advice services we offer and the charges
*NFU Mutual Voice of the Farmer research, June 2025
NFU Mutual Select Investments Limited (No 08049488). A member of the NFU Mutual group of companies. Registered in England. Registered Office: Tiddington Road, Stratford-upon-Avon, Warwickshire CV37 7BJ.
