Estate Planning: What To Consider When Writing A Will
According to a Macmillan survey, “as many as 66 per cent of UK citizens over 55 years old do not have a sufficient will in place”. This is worrying, particularly if you consider we are an ageing generation. It’s incredibly important to have a plan, especially if you’ve got a considerable estate to pass down to your loved ones. If you fail to compile a will, you run the risk of your estate being sold, broken up, or your business falling apart if you’re a business owner.
When To Write A Will
A will is a legally binding document that allows a person to state exactly how they’d like to distribute their wealth and belongings once they die. Writing a will may not seem like a priority in your younger years, but many groups suggest you should write one even before you reach retirement age. With the help of trust solicitors Manchester, providing a will not only ensures the future of your estate and assets, but also gives you greater peace of mind should anything happen to you.
Additionally, for business owner’s, a will is a good way of establishing where they foresee their business going. Allowing them to have a little control in the running of the business once they die. Where some business owners may be looking to build a business with the end goal to pass it down to their family, others may want to build a business to be sold once they’re gone – with the proceeds going to their family members.
Heirs And Inheritors
When writing a will, it’s important to consider carefully what you’re planning to give to who; which is often why people assign a key heir to distribute the assets to other members. The executor will be responsible for helping the process run smoothly. Every time a person plans a will, they should consider:
- How many people can it be passed onto given the company structure?
- Who would actually be willing to take on the business?
- What might the tax implications be?
The second point is perhaps one of the most important, if the deceased had wishes to pass on their business to an heir – they need to consider whether they would be willing to take it on. It’s vital to receive support when drawing up your will from experts, which is why many consult will writing solicitors Manchester to guide them through to process.
Additional Points To Consider
When planning to break up an estate, any business owner also needs to ensure the heir maintains the goodwill and values of the company. Though this can be specified in the wills, little can be done to make sure it’s carried out. Lastly, for tax purposes, the transfer of interest needs to be considered – as well as any debt accrued. This could affect how an estate is passed on.