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Entrepreneurs and Wills

Entrepreneurs and Wills. A presentation By Elizabeth Murphy FCILEX Huntley 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

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Entrepreneurs and Wills

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  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

  17. Online will websites

  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.

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