Despite the importance, most people do not have their personal and business affairs well sorted out at the time of their death. Recent ifac research found that over 1 in 3 dairy farmers have no Will, while 45% have a Will but have not updated it in over 3 years.
The lack of a solid plan can create a great deal of stress for the remaining family. This is stress that can be prevented with some timely thought and actions. Compiling a Living File is a proven way of addressing this.
A Living File will be constantly reviewed to keep it up to date. The file needs to be accessible, but in a safe place that is also known by other trusted persons and, in particular, personal representatives. View our Living File checklist below.
To read our full Irish Farm Report 2020 click here