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The role of the farm executor has always been a difficult one for a multitude of reasons. Firstly farmers like to ‘die with their boots on’ so there is normally a living business to deal with.
For a sole trader this could mean the executor has to ‘stand in the shoes’ of the deceased and run the farm until the terms of the will are actioned. For a share in a partnership there has to be careful inspection of the partnership agreement understanding the implications thereof and the interaction with the will. For a share in a limited company the shareholders’ agreement has to be understood.
Next we have to consider the valuation. It is the executor’s responsibility to obtain valuations under IHTA 1984 s 160 (market value) and agricultural value for agricultural property relief as applicable.
Finally farm wills have historically been the...
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