Timeline planning
Good succession planning takes time. Starting 5 to 10 years before the intended transition allows for proper planning and flexibility.
Starting early allows time for:
- Family conversations and consensus-building
- Tax planning with your accountant
- Gradual transfer of management responsibility
- Flexibility if circumstances change
The average New Zealand farmer is 58. If you are thinking about succession, now is the right time to start planning.
Document checklist
A complete succession plan usually includes:
- Updated wills for parents
- Trust deed review or update
- Memorandum of Wishes
- Enduring Powers of Attorney for parents
- Shareholder or partnership agreements
- Land transfer documentation (when ready)
- Relationship property agreements (if needed)
Our Wills Guide and EPAs Guide explain these documents in more detail.
Ongoing management
Succession planning is not a one-time event. Plans should be reviewed:
- Annually for minor adjustments
- When circumstances change (births, deaths, marriages, health changes)
- When tax or trust law changes
After parents pass
When parents pass away, the succession plan is implemented:
- Estate administration follows the will's instructions
- Trust continues according to the trust deed
- Final distributions to non-farming children occur
Good planning now means less stress and conflict later. Our Estate Administration Guide explains what happens during estate administration.
"We have guided Hawke's Bay farming families through succession for over 150 years. We understand the land, the families, and the unique challenges of keeping farms together across generations."