56 WILLS AND PROBATE
ACT NOW ON SUCCESSION PLANS TO PROTECT
FUTURE GENERATIONS
By Wendy Anderson, Partner, PM+M
HELPING YOU ACHIEVE MORE
Supporting you to make the best decisions for you, your business and family through expert business planning and probate advice.
SPEAK TO US TODAY: 01254 679131
enquiries@pmm.co.uk www.pmm.co.uk
Succession planning can be tricky for family businesses, often leading to delayed decisions. However, with significant restrictions on Business Property Relief (BPR) and Agricultural Property Relief (APR) announced in the Autumn Budget, advanced planning is now more crucial than ever.
A new £1m allowance, effective from 6 April 2026, will impact trading businesses, companies and farms, making early action essential.
Currently, passing shares on death remains a tax-efficient strategy, but these upcoming changes may disrupt succession plans. Families seeking certainty have limited time to act, as new legislation may not be finalised until late 2025, leaving only months for necessary adjustments.
Many business owners are now considering lifetime gifting – either to the next generation or into trusts – to mitigate future tax burdens. Trusts provide a
structured way to transfer assets while retaining control, protecting wealth, and ensuring flexible income distribution. This approach is particularly valuable when family members are not yet prepared to take on business responsibilities.
With the proposed rules taking effect from 6 April 2026, there is a limited window to transfer assets before the new £1m allowance applies. However, uncertainty around final legislation may cause hesitation.
With less than a year before these changes come into force, reviewing succession plans is urgent.
Delaying could lead to unnecessary tax liabilities and financial complications for future generations. Business owners should seize the opportunity to utilise existing reliefs while they remain available.
Time is running out – review your succession plan today to protect your business and minimise tax burdens.
WHAT YOU NEED TO
KNOW WHEN PROBATE IS CONTESTED
By Stephanie Kerr, Partner, Irwin Mitchell
uiding you through fe's complexities
Here for you
ural Business & Estates team can help you plan for the future, protect your y, and grow your wealth and business, so you can enioy the moments matter.
ontacts: James Pavey
Head of Rural Business & Estates +44(0)1293 742 746
james.pavey@
irwinmitchell.com
To find out more visit
irwinmitchell.com/WTED or email
stephanie.kerr@
irwinmitchell.com
Kat Wainman Partner
+44(0)734 207 6410
kat.wainman@irwinmitchell.com
to support the Sussex Heritage Trust Awards
We understand how difficult a Will, trust, or estate dispute can be. It’s vital to have an expert on your side.
Whether you are challenging a Will or defending a dispute, our team can help.
Navigating a loved one’s loss is always difficult, but additional obstacles arise when there is an estate dispute which could lead to operational challenges, risk to business continuity and financial complications.
Contentious probate is a highly specialised area of law and whilst most prudent business owners and their families have estate planning in place to minimise disruption to the business, disputes can still arise unexpectedly which require executors, beneficiaries or other family members to obtain specialist advice.
Disputes we often see involving businesses after a person’s death include concerns about terms in wills (say if the disposal of shares is governed by the company’s articles and a gift of shares in the will cannot take effect), disagreements regarding whether assets belonged to the deceased person or a partnership as well as the value of those assets, and
disputes about sums which might be due from or to the deceased person in their role as director.
When a contentious probate dispute arises, parties often find that the administration of the estate cannot progress and this can have a knock-on effect on the business, its employees and the wider family. Resolution of the dispute might involve court proceedings, but parties are strongly encouraged to explore alternative dispute resolution.
This means it is vital that specialist legal advice is sought at an early stage so that documents and other evidence can be safeguarded, facts can be ascertained and an appropriate strategy can be agreed for the business and the family members affected
For more information about Irwin Mitchell’s expertise in contentious probate visit
www.irwinmitchell.com
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