Entrepreneurs and Wills A presentation By Elizabeth Murphy FCILEX Huntley 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 me Huntley Wilde Legal Ltd It is important to get qualified advice for your particular circumstances.