Entrepreneurs and Wills

A presentationBy

Elizabeth Murphy FCILEXHuntley Wilde Legal Ltd

elizabeth@huntleywilde.com

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 elizabeth@huntleywilde.com

• Huntley Wilde Legal Ltd• http://www.huntleywilde.com

• It is important to get qualified advice for your particular circumstances.