A testamentary trust is a trust created by a Will and does not come into effect until after death of the person who made the Will.
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Farm succession planning refers to the orderly transfer (usually over time) of management, responsibility, ownership and control of farming assets from one generation to the next generation.
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To get started with creating a succession plan there is a handful of considerations that you should take in. These are particularly relevant to primary producers
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The Family Provisions Act enables certain persons to challenge the Will of the deceased. However, as I said to Old Gloomy, there are limitations:
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An EPG is a legal document that is often used in Succession Planning matters. What an EPG is or does is often misunderstood.
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