Having a Will in place is essential if you want the final say in what happens to your business and other assets after you die. In this article, Wills For Business Owners, we examine how to protect your business.

If you die without making a Will, everything you own, including business and non-business assets, will be distributed under the laws of intestacy. This means that your loved ones will have no say over who inherits and there is a risk that some of them will not inherit anything.

Business assets

On your death, your business interests will generally form part of your estate, unless there is a company or partnership agreement in place that makes other arrangements.

This means that you need to carefully consider how your business assets will be dealt with so that the business is protected for the future.

At Elm Legal we can work through the relevant questions with you to ensure that all eventualities are covered so that your organisation stands the best chance of success going forward. We understand commercial interests and will make sure that your estate is structured in the best way possible for those who will be inheriting and to protect your business.

We will consider what could happen if your chosen successors do not outlive you and help you put contingency plans in place to ensure that your business will be secure, whatever happens.

Even if you have an agreement in place within your business or partnership setting out some of the details of what will happen on the death of one owner, it is still advisable to ensure you have a valid Will in place to set out who will inherit shares and other interests and assets you may hold.

As specialists in Wills for business owners, we will ensure that your interests are protected.

Avoiding Will mistakes

It is particularly important as a business owner to ensure that your Will is properly drafted by a qualified professional. There are countless mistakes that can be made if a Will is not drawn up by an expert, including the following:

• It is not correctly signed or not dated
• It is signed in the wrong place
• It does not have the right number of witnesses
• The wrong person has witnessed the Will, such as a beneficiary or their spouse
• The witnesses have not signed and witnessed the Will correctly
• The Will does not properly deal with all of your assets
• The Will fails to consider Inheritance Tax issues, executors and trusts
• The Will is ambiguous
• Someone who may have a claim under the Inheritance (Provision for Family and Dependants) Act 1975 has not been included in the Will, meaning they may be able to bring a legal claim against your estate

If the Will is not clear and unambiguous or if you do not leave a Will, there is a substantially increased risk of a dispute arising after your death.

By leaving a valid Will, your loved ones have the reassurance and certainty of knowing what your wishes are.

Business succession

Once you have decided what you want to happen to your business in the future, it is usually recommended that you speak to those whom you wish to inherit it from you. You will need to make sure that they are happy to take on the roles you have planned for them. You can also start to train them and hand over certain responsibilities when you feel they are ready to take them on.

Using your Will to put your business into a trust can safeguard it for the next generation, for example, from the bankruptcy or divorce of a beneficiary. You can structure your affairs to leave different benefits to different individuals. For example, some could have voting rights within the business, while others might just be given an income. This is a way of leaving an inheritance for family members with different levels of involvement in the business. You can leave a letter of wishes setting out the provisions you would like your trustees to make for everyone involved.

Contact us

Having the right Will in place is important for your loved ones and for their security in the future. If you own a business and you want to put a Will in place that protects it and passes it on in the way that you want, we can advise you.

If you would like to speak to one of our specialist Wills and Probate lawyers, call us now on 0117 952 0698 or Make A Free Online Enquiry and we will be happy to explain the options available to you without obligation.

Dependants In Wills – How To Protect Those You Love.

Perhaps one of the first things to think about when planning or revising your Will is who your dependants are. Who relies on you financially or who relies on you for care? Putting the right provisions in place for them for the future is vital if they are to avoid difficulty. In this article we look at how to look after dependants in Wills.

Who are your dependants?

Dependants can extend beyond your spouse and children to stepchildren, older or disabled relatives, cohabitees or anyone close to you to whom you provide assistance.

If you do not leave a Will, then many of these loved ones could miss out on the inheritance that you might have liked them to have. The Rules of Intestacy set out who will receive your estate and it may be that your children would inherit far less than you would want.

Under the Rules of Intestacy, cohabiting partners and stepchildren do not receive anything.

Protecting your dependants

If you have a child or children who are aged under 18, you can use your Will to appoint a guardian for them. If you do not leave a Will, then the court will make the decision about who will look after them and it might not be the person you would have chosen.

You can also set up a trust in your Will to look after any money you are leaving to your minor children. You can appoint trustees who you believe will be able to administer the trust and they will take on the responsibility for providing money from the trust for the children’s needs, such as education and day-to-day expenses. You can leave a letter of wishes to guide them in what you would like them to spend the money on.

You can select the age at which you would like your children to inherit the capital from the trust. This does not have to be 18. You may wish the money to stay in the trust until they are older and better able to handle a large sum of money, for example, age 25.

If you are leaving money to a disabled dependant or someone who will not ever be able to administer their own finances, the trust can continue throughout their lifetime.

By leaving money in trust, you also avoid jeopardising any means-tested benefits that your dependants may have.

Setting up a trust to provide for your dependants in the future

Trust law can be complicated and there are numerous implications such as tax which need to be taken into account when considering the best way to structure your estate so that your beneficiaries are protected and provided for in the future and so that your estate is used in the most tax-efficient way possible.

It is essential to take advice from a genuine expert who will be able to set out your options for you and explain clearly how the process works.

At Elm Legal, we will take the time to get to know you and to understand your situation and that of your family. We will advise you on providing for your dependants in the future and ensure that they are protected in the way that you would wish.

Contact us

Our lawyers have extensive experience in the complex area of trusts and will be happy to talk you through all of the issues to make sure that you have the right provisions in place and that you know exactly how your loved ones will be cared for when the time comes.

If you would like to speak to one of our specialist Wills and Probate lawyers, call us now on 0117 952 0698 or Contact Us and we will be pleased to help.

Although not a pleasant thought, when you are planning for the future, it is not just the financial situation that needs to be discussed. If you have children, you need to consider what you want to happen to them, should the worst happen. In this article, we look at the role of guardians for children in Wills.

You have the opportunity to set out details of whom you would like to look after them, where you would like them to live and who will take care of any money that you leave for their care and for them to have in the future.

Caring for your children in your Will

The provisions you want to make can be included in your Will so that, should anything happen to you, there is a clear legal record of what you would like to happen.

If you do not leave a Will, then it will be for the court to decide where your children will live and with whom. There is a risk that this could not be with someone you would have chosen for them. If the child’s other parent has parental responsibility and survives you, then they are likely to be given the care of the children. This could be someone who is no longer in your children’s lives or who does not have the time to take on the role of their full-time carer.

Without a Will, your children will inherit any money that they are entitled to under the Rules of Intestacy at the age of 18, even if they might not be mature enough to deal sensibly with a substantial inheritance at this age.

By leaving a valid Will, you can appoint a guardian or guardians of your choice for your children, to care for them until they are adults. Guardians for children in Wills are given parental responsibility and able to make all the decisions on behalf of your children that you would have made yourself, although if there is a surviving parent, they are also likely to have parental rights which, if they choose to exercise them, will generally take priority over the rights of a guardian.

You can also appoint trustees to administer any money that you are leaving to your children. They will be able to provide funds for day-to-day care as well as larger sums for items such as education, holidays or a car.

You can specify the age at which you would like your children to inherit any capital you are leaving to them, for example, when they are 25.

Choosing guardians for children in Wills and trustees for your children

It is important to choose people whom you believe will be capable and willing to take on the job of guardian, should the need arise.

You should discuss the issue with them before drawing up your Will to make sure that they know what will be expected of them and that they are prepared to take on the role.

You cannot leave instructions for them in your Will, but you can leave a letter of wishes giving them some guidance as to what you would like for your children in the future. You and your chosen guardian should also take into account the situation with any surviving parent and you should make the guardian aware of the parental rights that they hold.

As well as drawing up a Will on your behalf that reflects your wishes for the future, we can also help you write a letter of wishes and give you guidance as to what you might like to include.

Contact us

Our lawyers have extensive experience in helping clients put the right Will in place to protect and provide for their families in the future. Once you have a valid Will drawn up, you can carry on with your life with the peace of mind of knowing that you have every eventuality covered.

If you would like to speak to one of our specialist Wills and Probate lawyers, call us now on 0117 952 0698 or Make A Free Enquiry  and we will be pleased to help.