Australasian Agribusiness Perspectives

Putting The Family Back Into The Family Farm – 6/3

by | Jan 8, 1998 | 1998, Volume 1

1998, Volume 1, Paper 6/3
ISSN: 2209-6612

Putting The Family Back Into The Family Farm

Paper 3 (of a series of 6 papers)

Geoff Tually – Senior Lecturer, Institute of Land and Food Resources, The University of Melbourne

The family farm is the preferred way of providing the cash needs for the family and to provide the basics for achieving the family goals.

Wills, traditionally have been used to transfer ownership of a persons real and personal assets to others. However, Wills should be used to protect the farm family business and assist in the achievement of family goals.

A Will will therefore change in content over an individuals life time.

This paper looks at the following three (3) aspects.

  • Relationship of family cash needs and the use of Wills;
  • Specific factors that will effect the content of a Will;
  • Relationship between Wills, ownership structure and business plan.