"I'll farm till I die" say four out of five farmers
Four out of five farmers say they plan to keep farming until they die.
But planning for succession should happen regardless.
More than 700 farmers took part in research by the University of Exeter, which was backed by NFU Mutual. Having worked with generations of farming families across Shropshire, Mid Wales and the wider Midlands, I wasn't shocked by the findings.
Less than half of those surveyed planned to retire or semi-retire only after they reached 70, and on farms under 20 hectares, 44 per cent said they expected to never retire. Worryingly, more than a quarter said they had not spoken with family about who would take on the running of the farm after their death.
Everyone knows it can be emotional talking about what might happen after you die and making a will is really important for everyone. But for farming families, it can be really complex.
We advise farming families to talk about succession planning as part of their business planning. For many farmers, this can mean some level of retirement is an option while they continue to take an income from the business while having some level of oversight.
Sarah Baugh is an agricultural lawyer with FBC Manby Bowdler
