Wills & succession planning

Wills Solicitors

Creating a will can seem like a daunting prospect, raising questions of mortality that you may prefer not to contemplate.  However, it is one of the most significant things you can do to provide for your loved ones beyond your lifetime.  Without an up to date and well-drafted will, you are at risk of the distribution of your estate not reflecting your true wishes.  Whether your circumstances and wishes are relatively straightforward or more complex, you need a trusted adviser to support you to prepare a tax-efficient will and to document precisely how you would like your assets to be managed on death.

make an enquiry Wills & succession planning Read more Meet the team
Introduction
Services
Latest content and downloads

Make an enquiry Protecting your wishes beyond your lifetime

Making a will ensures that your wealth is distributed according to your wishes when you die in the most tax-efficient way. Without a valid will in place at the time of death, your assets are divided according to the rules of intestacy where only direct family members may inherit. This may lead to unintended outcomes such as stepchildren or unmarried partners receiving nothing.

We can help you draft a will that:

  • Ensures your assets go to the right people on death
  • Appoints trusted individuals as executors to handle your estate
  • Protects vulnerable family members
  • Nominates guardians for young children
  • Sets up trusts to manage assets for those you wish to benefit
  • Protect wealth through multiple generations
  • Manages the complexities of having assets based on more than one country
  • Ensures that your estate is dealt with in the most efficient and cost-effective way

 

We can also provide codicils, which are documents added to an existing will to change or amend it, as well as full rewrites of a current will if your circumstances have changed significantly.

Make an enquiryClose more information
 
Services

We support our clients with individually tailored legal advice, in areas such as:

Click an area of focus above for more information.

Make an enquiry Will drafting

How can I make a will?

Our solicitors provide a dedicated will-writing service to suit your individual needs. Unlike off-the-shelf services, we take a holistic perspective of your unique circumstances, ensuring that your will is tailored precisely to your wishes. We can also assist with more complex arrangements such as inheritance tax planning and trust creation for estates with international assets– all overseen by senior solicitors who are experts in their field.

 

The process starts with a personal consultation where we take the time to understand your wishes and determine the best course of action. We can then advise on any tax planning or asset protection issues that need to be considered, before comprehensively drafting your will.

Make an enquiryClose more information
 

Make an enquiry Will storage

Can you store my will?

Once your will is completed, it is important to store it in a safe place. We can arrange for your will to be stored securely and regularly reviewed by experienced solicitors to ensure that all your assets are accounted for and that any changes in legislation or taxation are incorporated into the document.

Make an enquiryClose more information
 

Make an enquiry Will updates

How do I change my will?

You can change a will at any time you wish. In fact, there are several milestone events that should prompt you to review your will and determine whether it warrants an amendment. These include:

  • A marriage or divorce
  • The birth of children
  • Serious illness
  • Moving to a new jurisdiction
  • Buying property overseas
  • Change in financial circumstances

 

Changing a will can be done by way of a codicil, a legal document that amends the provisions of the will. A codicil can be used to make any change, but they typically are used to make minor changes such as changing an executor or beneficiary or adding a special gift.

For more significant amendments, it may be better to make a fresh rewrite of your entire will so there’s no confusion. Our solicitors are on-hand to advise which option is best for your circumstances, so please talk to us about your needs.

Make an enquiryClose more information
 

Make an enquiry Wills for Business Owners

For business owners, the preparation of a will involves more than simply deciding who should inherit the value of the estate. Proper thought must be given to the continuity of the business and how control of it should be passed on. If your will does not plan ahead, the shareholding could pass to someone who does not want the responsibility or has different objectives than what you intend.

What is a business will?

A business will is best described as an extension of a normal will that addresses the continuity of a business. It typically contains instructions concerning the transfer of ownership and control of the company and sets out the rights, duties and obligations of those involved.

The main goal is to ensure that your objectives for the business are achieved. For example, some business owners want to ensure that a family business can pass to the next generation and generations to come, whereas others see the business more as an investment that will ultimately be sold. Their priority is not succession planning, but to ensure the proceeds of sale are passed to the family in a tax-efficient way.

Can I leave a business in a will?

If you operate as a sole trader then your business will end when you die. The business assets will pass to the executors of the will as part of your estate. Creating a well-drawn will can ensure that the business assets pass to someone who can restart the business after you are gone, if that is what you desire.

Succession planning for companies and partnerships is more complicated. Whether you can pass on your business interests will depend on the structure of the company and the terms of the Articles of Association or Partnership Agreement. You will have additional things to consider, such as:

When passing on shares in a family business:

  • Does the structure of the company permit the transfer of shares?
  • Will family members actively run the businesses or would you prefer them to have an ownership stake without being involved?
  • Is there anyone in the family who is willing to take over the running of the business?
  • Will additional funding be required?
  • What are the tax consequences of the transfer?

 

For an investment business to be sold on the owner’s death:

  • Who should the business be sold to?
  • Can that person afford to buy it?
  • Who will run the business between the death of the owner and the ultimate sale to preserve its value?
  • Is the business able to be run after you die? (There can be significant consequences if the business ceases trading)
  • Are there buy-out clauses or restrictions on sales that would prevent your wishes from being carried out?

 

In some cases, a will is not the most appropriate way to document your wishes, for example, if you want to leave your business to a trusted employee. It may also be beneficial to the future management of your business if you put additional protections in place, such as appointing other directors, while you’re still alive.

We can help you explore all the options available to you and advise you on the best approach for your circumstances.

Make an enquiryClose more information
 

Make an enquiry Business wills and Inheritance Tax

Passing on a business in your will can leave your executors with a substantial Inheritance Tax bill. In the worst case, they may even have to sell business assets to meet the tax liability. It is important to manage Inheritance Tax in advance, with tax-efficient succession planning that makes use of all available IHT reliefs and exemptions.

 

Our dedicated Private Wealth solicitors are experienced in helping to achieve this. We can ensure that the full value of the business is transferred to the intended beneficiaries or realised on a sale, whatever the business set up or situation. Please talk to us about your needs.

Make an enquiryClose more information
 
Back

Need some more information? Make an enquiry below



    Wills & succession planning key contacts

    Latest content and downloads

    Check out our latest content and downloads View all our downloads

    Lasting Power of Attorney FAQs

    A Lasting Power of Attorney is a legal document that allows someone to make decisions on your behalf should you become unable to do so yourself. We have compiled a list of frequently asked questions to provide some clarity on the process.

    An age of apathy?

    A will remains the most effective way to divide assets and provide for those close to us on death. So, why don’t more people under 50 have one?

    Coronavirus: Tips for private clients

    We have put together a helpful list of the important tax and estate planning tips you should be thinking about during, and in the aftermath of, the Coronavirus pandemic.

    Read our guide for business owners on protecting your business against incapacity.

    A Question of Capacity: a guide for businesses

    Our guide, A Question of Capacity, outlines key points for consideration to ensure you, as a business owner, can put your business in the best position possible in the event of your incapacity.

    Recent experience

    • We advise clients who own businesses on how best to structure their will so as to make use of business property relief in passing assets down to future generations. A will trust to hold business assets is often flexible and tax-efficient, whether the intention is that the business continues to be owned and run by the family, or the business will be sold.

      WILLS AND SUCCESSION PLANNING

      wills for business owners

      Case study

      We advise clients who own businesses on how best to structure their will so as to make use of business property relief in passing assets down to future generations. A will trust to hold business assets is often flexible and tax-efficient, whether the intention is that the business continues to be owned and run by the family, or the business will be sold.

      Read more

    • Wealthy clients often hold assets in a number of jurisdictions, meaning that consideration must be given to the local laws that govern both succession and tax. In some cases, this means coordinating the preparation of a separate will in each jurisdiction rather than one global will.  The client’s focus may also be on protecting assets for future generations, and we can ensure that this is done in a way which works in every relevant jurisdiction.

      WILLS AND SUCCESSION PLANNING

      Assets in multiple jurisdictions

      Case study

      Wealthy clients often hold assets in a number of jurisdictions, meaning that consideration must be given to the local laws that govern both succession and tax. In some cases, this means coordinating the preparation of a separate will in each jurisdiction rather than one global will.  The client’s focus may also be on protecting assets for future generations, and we can ensure that this is done in a way which works in every relevant jurisdiction.

      Read more

    • We regularly advise married couples where one spouse is a US citizen. Often the careful use of will trusts can ensure that there is no tax on either side of the Atlantic on the first death, and that tax is mitigated when assets pass to the next generation.  We work with American advisers to prepare wills which achieve optimum efficiency in both the UK and US.

      WILLS AND SUCCESSION PLANNING

      US/UK marriages

      Case study

      We regularly advise married couples where one spouse is a US citizen. Often the careful use of will trusts can ensure that there is no tax on either side of the Atlantic on the first death, and that tax is mitigated when assets pass to the next generation.  We work with American advisers to prepare wills which achieve optimum efficiency in both the UK and US.

      Read more

    Related content

    Wills & succession planning

    Wills & succession planning

    Wills Solicitors

    Creating a will can seem like a daunting prospect, raising questions of mortality that you may prefer not to contemplate.  However, it is one of the most significant things you can do to provide for your loved ones beyond your lifetime.  Without an up to date and well-drafted will, you are at risk of the distribution of your estate not reflecting your true wishes.  Whether your circumstances and wishes are relatively straightforward or more complex, you need a trusted adviser to support you to prepare a tax-efficient will and to document precisely how you would like your assets to be managed on death.

    Read more

    Making a will ensures that your wealth is distributed according to your wishes when you die in the most tax-efficient way. Without a valid will in place at the time of death, your assets are divided according to the rules of intestacy where only direct family members may inherit. This may lead to unintended outcomes such as stepchildren or unmarried partners receiving nothing.

    We can help you draft a will that:

    • Ensures your assets go to the right people on death
    • Appoints trusted individuals as executors to handle your estate
    • Protects vulnerable family members
    • Nominates guardians for young children
    • Sets up trusts to manage assets for those you wish to benefit
    • Protect wealth through multiple generations
    • Manages the complexities of having assets based on more than one country
    • Ensures that your estate is dealt with in the most efficient and cost-effective way

     

    We can also provide codicils, which are documents added to an existing will to change or amend it, as well as full rewrites of a current will if your circumstances have changed significantly.

    Make an enquiry

    Key Contacts

    Want to connect? Select someone below to view their profile.

    View the team

    We support our clients with individually tailored legal advice, in areas such as:

    Will drafting

    How can I make a will?

    Our solicitors provide a dedicated will-writing service to suit your individual needs. Unlike off-the-shelf services, we take a holistic perspective of your unique circumstances, ensuring that your will is tailored precisely to your wishes. We can also assist with more complex arrangements such as inheritance tax planning and trust creation for estates with international assets– all overseen by senior solicitors who are experts in their field.

     

    The process starts with a personal consultation where we take the time to understand your wishes and determine the best course of action. We can then advise on any tax planning or asset protection issues that need to be considered, before comprehensively drafting your will.

    Will storage

    Can you store my will?

    Once your will is completed, it is important to store it in a safe place. We can arrange for your will to be stored securely and regularly reviewed by experienced solicitors to ensure that all your assets are accounted for and that any changes in legislation or taxation are incorporated into the document.

    Will updates

    How do I change my will?

    You can change a will at any time you wish. In fact, there are several milestone events that should prompt you to review your will and determine whether it warrants an amendment. These include:

    • A marriage or divorce
    • The birth of children
    • Serious illness
    • Moving to a new jurisdiction
    • Buying property overseas
    • Change in financial circumstances

     

    Changing a will can be done by way of a codicil, a legal document that amends the provisions of the will. A codicil can be used to make any change, but they typically are used to make minor changes such as changing an executor or beneficiary or adding a special gift.

    For more significant amendments, it may be better to make a fresh rewrite of your entire will so there’s no confusion. Our solicitors are on-hand to advise which option is best for your circumstances, so please talk to us about your needs.

    Wills for Business Owners

    For business owners, the preparation of a will involves more than simply deciding who should inherit the value of the estate. Proper thought must be given to the continuity of the business and how control of it should be passed on. If your will does not plan ahead, the shareholding could pass to someone who does not want the responsibility or has different objectives than what you intend.

    What is a business will?

    A business will is best described as an extension of a normal will that addresses the continuity of a business. It typically contains instructions concerning the transfer of ownership and control of the company and sets out the rights, duties and obligations of those involved.

    The main goal is to ensure that your objectives for the business are achieved. For example, some business owners want to ensure that a family business can pass to the next generation and generations to come, whereas others see the business more as an investment that will ultimately be sold. Their priority is not succession planning, but to ensure the proceeds of sale are passed to the family in a tax-efficient way.

    Can I leave a business in a will?

    If you operate as a sole trader then your business will end when you die. The business assets will pass to the executors of the will as part of your estate. Creating a well-drawn will can ensure that the business assets pass to someone who can restart the business after you are gone, if that is what you desire.

    Succession planning for companies and partnerships is more complicated. Whether you can pass on your business interests will depend on the structure of the company and the terms of the Articles of Association or Partnership Agreement. You will have additional things to consider, such as:

    When passing on shares in a family business:

    • Does the structure of the company permit the transfer of shares?
    • Will family members actively run the businesses or would you prefer them to have an ownership stake without being involved?
    • Is there anyone in the family who is willing to take over the running of the business?
    • Will additional funding be required?
    • What are the tax consequences of the transfer?

     

    For an investment business to be sold on the owner’s death:

    • Who should the business be sold to?
    • Can that person afford to buy it?
    • Who will run the business between the death of the owner and the ultimate sale to preserve its value?
    • Is the business able to be run after you die? (There can be significant consequences if the business ceases trading)
    • Are there buy-out clauses or restrictions on sales that would prevent your wishes from being carried out?

     

    In some cases, a will is not the most appropriate way to document your wishes, for example, if you want to leave your business to a trusted employee. It may also be beneficial to the future management of your business if you put additional protections in place, such as appointing other directors, while you’re still alive.

    We can help you explore all the options available to you and advise you on the best approach for your circumstances.

    Business wills and Inheritance Tax

    Passing on a business in your will can leave your executors with a substantial Inheritance Tax bill. In the worst case, they may even have to sell business assets to meet the tax liability. It is important to manage Inheritance Tax in advance, with tax-efficient succession planning that makes use of all available IHT reliefs and exemptions.

     

    Our dedicated Private Wealth solicitors are experienced in helping to achieve this. We can ensure that the full value of the business is transferred to the intended beneficiaries or realised on a sale, whatever the business set up or situation. Please talk to us about your needs.

    Make an enquiry

    Recent experience

    • reputation management lawyer laptop

      Case study

      wills for business owners

      We advise clients who own businesses on how best to structure their will so as to make use of business property relief in passing assets down to future generations. A will trust to hold business assets is often flexible and tax-efficient, whether the intention is that the business continues to be owned and run by the family, or the business will be sold.

    • Assets in multiple jurisdictions

      Case study

      Assets in multiple jurisdictions

      Wealthy clients often hold assets in a number of jurisdictions, meaning that consideration must be given to the local laws that govern both succession and tax. In some cases, this means coordinating the preparation of a separate will in each jurisdiction rather than one global will.  The client’s focus may also be on protecting assets for future generations, and we can ensure that this is done in a way which works in every relevant jurisdiction.

    • US/UK marriages

      Case study

      US/UK marriages

      We regularly advise married couples where one spouse is a US citizen. Often the careful use of will trusts can ensure that there is no tax on either side of the Atlantic on the first death, and that tax is mitigated when assets pass to the next generation.  We work with American advisers to prepare wills which achieve optimum efficiency in both the UK and US.

    Need some more information? Make an enquiry below.

      Subscribe

      Please add your details and your areas of interest below

      Specialist sectors:

      Legal services:

      Other information:

      Jurisdictions of interest to you (other than UK):

      Message us on WhatsApp (calling not available)

      Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

      I accept Close

      Close
      Scroll up
      ExpandNeed a hand?Toggle

      < Back to menu

      Contact us

      Need some help?

      Get in touch

      Get in touch using our form below.