Download - Entrpreneurs and Wills
Entrepreneurs and Wills
A presentationBy
Elizabeth Murphy FCILEXHuntley Wilde Legal Ltd
Why am I qualified to talk about this?
• Chartered Institute of Legal Executives– Practicing for 8 years– Specifically trained for Wills & Probate
• G Huw Lewis • Huntley Wilde
Does this sound like you?
• Are you an entrepreneur? – Or do you run a small business?
• Do you have a business partner?• Are you are married or, in a civil partnership? • Do you have children?• Do you cohabit with a partner or have
dependents living with you?• Do you own property in this country?• Do you own property abroad?
Who needs a will the most
• The more times you said yes to the previous questions, the more likely it is that you should have a will
• Its about making things easier for those you care about the most, if the worst happens
• It also ensures assets are distributed according to your wishes
Why don’t people make wills
• There are a lot of things that demand your attention• Writing a Will just sounds plain morbid• Everyone thinks they are Superman or can regenerate
like The Doctor and live forever
The reality is a bit different
• Stem cells may save us all in the future • For now it’s probably best to be prudent
That’s the morbid bit over!
What happens if you don’t have a will
• Entrepreneurs, business partners, and small business owners– Frozen accounts– Trustees– Choices– Legacy
• Intestacy rules can kill your company
What happens if you don’t have a will
• Married or in a civil partnership– Everything goes to your spouse or partner• Specific Gifts & Legacies
– More work for your partner• It’s a tough time for them and your partner
may not be up to speed on what you want or what to do.
What happens if you don’t have a will
• If you have children– Guardian appointment– Grandchildren– Specific Gifts & Legacies
What happens if you don’t have a will
• If you co-habit or have dependents living with you– Property may not go where you think– Property not held jointly is subject to Intestacy– Complications• Estranged?• No family
– Partner has few rights
What happens if you don’t have a will
• If you own property in the UK and/or abroad– Cannot be sold or dealt with until Probate
finalised– Lack of control– Tax– Complications• Foreign property
What happens if you don’t have a will
• If you have a large estate– Tax planning• Charity• Trusts• Specific Gifts• Estate scope
– Intestacy Rules
What else can you put in a Will?
• Funeral plans• Pets• Friends• Charity
• It is an opportunity to make things easier for everyone at what is highly likely to be a very stressful time
Who can write a will
• You• A website• A will writer• A qualified legal professional
Why you shouldn’t write a Will
Online will websites
Will writers
Why a qualified legal professional is safest
• Training– Initial training– CPD hours
• Regulated• Experience• Tailored advice• Insured
How much does it all cost?
• It can be expensive if you want it to be• It can also be a lot cheaper than you think
• Is that a small price to pay for peace of mind?
Questions
Thank you
• You can also email me [email protected]
• Huntley Wilde Legal Ltd• http://www.huntleywilde.com
• It is important to get qualified advice for your particular circumstances.
