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.

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Peter Daniel
Partner - Head of Private Wealth
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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. We should be happy to attend you personally for whatever reason.

Does your Will need updating?

Children, divorce, and the accumulation or disposal of assets are just a few ways your Will may have become obsolete or no longer a reflection of your wishes.

Our ‘Will you or Won’t you’ quiz is an easy-to-use self-assessment tool that allows you to assess whether you need to update your Will, based on recent changes in your life.

With 10 simple questions, discover whether you need to update your Will in order to protect your wishes.

TAKE OUR QUIZ TODAY

SPOTLIGHT

Wills for business ownersopen

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.

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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.