Leaving land in a will

pathway33

What's the best way for a farmer to leave 70 acres to her 4 nephews/nieces? None of them would qualify for the favoured nephew/niece threshold. Nobody wants it all because of the inheritance tax consequences. They want to avoid the option of selling the land after inheritance at all costs. At the same time nobody wants to be left out. Are there any problems down the line just dividing it in 4?

Thanks,

Cran

speak with your solictor as they will know best, but would expect having the land split into four folios at the land registry would be the best approach as leaving one folio to 4 people might be an issue!

The_Conductor

Are any of them practising farmers?
Aside from the niece/nephew thresholds, it might be possible to mitigate against extortionate inheritance tax.
Subdividing into 4 seperate folios is the way to go though (as per Cran's advice).

S.

pathway33

smccarrick wrote: »

Are any of them practising farmers?
Aside from the niece/nephew thresholds, it might be possible to mitigate against extortionate inheritance tax.
Subdividing into 4 seperate folios is the way to go though (as per Cran's advice).

S.

Many thanks for the replies

None of them are praticing farmers but some would retain a passing interest by helping out on farms.

They are not happy to have 4 separate folios yet because they can't say for certain which plots (i.e the one by the road which may be more suitable to build a house if planning was got or the one up the back with better land which would be more suitable for someone keeping cattle on) each one wants yet.

However if leaving it as one folio until the aunt passes on would cause serious problems later on then they may divide it now. They wouldn't be the sort of relations who would fall out over land. Fairly easy going people. But I suppose that's all very well till the will is read out...