Man inherits farm after 25 years working for nothing
14th Feb 2008
A man has won his legal battle to inherit the farm where he worked without pay for 25 years.
David Thorner, who is 57, spent most of his adult life helping out on his cousin’s farm in Somerset. He agreed not to take any wages on the understanding that he would inherit the land, worth £2m, when his cousin Peter Thorner died. He lived on little more than pocket money from his parents in the meantime.
Peter made a will leaving the estate to David. Later he made an alteration to the will relating to a completely different matter but then never returned it to his solicitor. When he died the will could not be found.
In the absence of a will, other members of Peter’s family claimed the estate. The case ended up in the High Court which recognised David’s remarkable commitment and accepted that his cousin Peter had wanted him to inherit.
David was awarded the farm with the remainder of the estate, valued at over £1m, going to other members of the family.
Chancellor’s announcement sparks interest in inheritance tax planning
The announcement by the Chancellor Alistair Darling that the inheritance tax allowance can be transferred between married couples and civil partners has prompted thousands of people to review their wills, trusts and overall financial arrangements.
The changes are backdated indefinitely allowing widows, widowers and bereaved civil partners to use their deceased partner’s allowance when passing on their estate to their children and families. People in this situation may be among the main beneficiaries of the changes and should seek legal advice as soon as possible.
Otherwise, the Chancellor’s announcement doesn’t change the situation nearly as much as one might imagine because it has long been possible for couples to effectively double their tax threshold by the use of trusts. Thousands of couples already have such arrangements in place. The changes also have no effect on single people and those who cohabit.
Everybody, whether married or not, would be well advised to explore all the avenues available to protect their family’s wealth for the next generation. A little careful planning now can prevent thousands of pounds being wasted in the future.