Legal aspects of succession

Knowing how the law applies to all aspects of a farm business and complying with legislation is one way to significantly reduce risk. The areas explored in this fact sheet are succession and the business structures and documentation
for intergenerational transfer. A real-life example is used to demonstrate the potential impact of getting it wrong and a checklist is provided.

KEY POINTS

• Know the rules: identify relevant legislation
• Adopt best practice: plan to get it right the first time
• Get some perspective: seek expert and independent advice
• Be open and resourceful: there is plenty of expert help available

Useful Resources

• GRDC Fact Sheet: Succession planning – plan to manage family changes and your farm business
  Link: www.grdc.com.au/GRDC-FS-SuccessionPlanning
• GRDC Fact Sheet: Transitioning a viable farm business to the next generation
  Link: www.grdc.com.au/FS-TransitioningFarmBusiness
• GRDC booklet: A guide to succession: sustaining families and farms
  Link: www.grdc.com.au/GRDC-Guide-succession-SustainingFamiliesAndFarms