Presentation on theme: "Entrepreneurs and Wills A presentation By Elizabeth Murphy FCILEX Huntley Wilde Legal Ltd"— Presentation transcript:
Entrepreneurs and Wills A presentation By Elizabeth Murphy FCILEX Huntley Wilde Legal Ltd email@example.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
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
Thank you You can also email me firstname.lastname@example.org email@example.com Huntley Wilde Legal Ltd http://www.huntleywilde.com It is important to get qualified advice for your particular circumstances.