I have my own business - can I use my Will to protect it?

You can use your Will to protect your business in the following ways;

• If you are a sole trader, then you should consider putting into your will the right for those who carry out your wishes to continue trading and using your resources. This could mean maximizing the value of the business rather than your death causing forced immediate sale.
• If you are in a partnership with other people and there is no partnership agreement in place, then your death may simply bring the partnership to an end forcing a sale of the business. This would not be in the best interests of your partners and could also result in those benefiting from your Will having to pay inheritance tax. We can arrange for you to receive advice on having a partnership agreement that does not create a situation where the partnership comes to an end and must be sold in the event of your death.
• If you have business interests, we can advise on whether they qualify for business property relief that will save inheritance tax and if it makes financial sense to leave your business interests in a trust.

Do I really need an LPA as well as a Will?

Your will is where you decide what will happen to your money, possessions, and property when you die. However, a Lasting Power of Attorney (LPA) allows you to decide who should look after your money, possessions and property for you whilst you are alive.

By having an LPA, you have the chance to appoint someone you trust (could be a partner, close friend or relative) to make decisions about your medical treatment or where to live, if you ever lose the ability to make those decisions for yourself through illness like dementia or by an accident.

Many people do not realise that your partner and family cannot simply take over the role of making decisions for you, unless you have already appointed them in an LPA. So, without an LPA, the Court of Protection would appoint an official to make those important decisions for you. Your relatives would then face a long and expensive legal process to be appointed.

Should I wait until a certain age to create a Will and LPA?

The short answer is no. So long as you are 18 years of age or over and have mental capacity, we think every adult should have an LPA and Will.

Do I really need a Will? 

We believe that every adult should have a properly prepared Will. They are a cost-effective methos of planning and the only way you can decide what happens to your property, money and personal possessions after you die.

It also means that you can make decisions about what happens to your children if they are under 18 years of age, by appointing a Guardian. And what they will each receive. This especially important, if like so many of us you have complex family arrangements.

Do I need to use a firm of Solicitors to prepare my Will? 

There are lots of options when it comes to having a Will prepared. You could do it yourself using a kit, use the services of a Solicitor, an unregulated Will writer, bank or even supermarket. The costs involved tend to be more or less the same whoever you use. However, it is important to note that there are many problems your loved ones could face if your Will is not drafted properly, these can include:

• Your wishes may not be carried out as you wanted them due to unclear or incorrectly worded instructions.
• Your Will may not benefit from advice on new changes in the Law.
• Your Will could be open to legal challenge.
• It could lead to unnecessary payments of inheritance tax.
• Your Will could be not legally valid.

We believe it makes sense to use the service of Solicitors who can use their legal skills to avoid these problems.

The other difference you get using our firm is that your Will, will be properly prepared to suit your circumstances and wishes, not just using standard wording that may not exactly represent your wishes.