entrpreneurs and wills
DESCRIPTION
If you are an entrepreneur, run a small business or are in a business partnership, and especially if you are married, in a civil partnership, have children, cohabit or have dependents, then there are a lot of things that demand your attention. One of the things that is highly advisable, but often missed, is to make a Will drawn up by a qualified professional. This presentation looks at the reasons why certain people should consider doing this, and also addresses the options available to you, as well as the costs involved. Nobody likes to think of anything associated with death but this light, informative presentation will give you everything you need and show you that it isn’t as bad, complicated, expensive, or as daunting as you might think. Plus you will learn how to spot people who give unqualified advice.TRANSCRIPT
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.