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Entrpreneurs and Wills
- 1. Entrepreneurs and Wills A presentation By Elizabeth Murphy FCILEX Huntley Wilde Legal Ltd elizabeth@huntleywilde.com
- 2. 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
- 3. 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?
- 4. 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
- 5. 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
- 6. The reality is a bit different • Stem cells may save us all in the future • For now it’s probably best to be prudent
- 7. That’s the morbid bit over!
- 8. 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
- 9. 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.
- 10. What happens if you don’t have a will • If you have children – Guardian appointment – Grandchildren – Specific Gifts & Legacies
- 11. 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
- 12. 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
- 13. 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
- 14. 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
- 15. Who can write a will • You • A website • A will writer • A qualified legal professional
- 16. Why you shouldn’t write a Will
- 18. Will writers
- 19. Why a qualified legal professional is safest • Training – Initial training – CPD hours • Regulated • Experience • Tailored advice • Insured
- 20. 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?
- 21. Questions
- 22. 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.