What Happens If You Pass-Away Without A Will
Far too often, we are approached by individuals whose loved ones have passed on without leaving a Will.
In scenarios where the individual concerned was a company director or owned shares in a business, significant problems for the running of the business may arise.
A Will is an essential document particularly if you own a business. Upon death, your Executors would be able to immediately initiate your wishes in relation to your business and/or shares based on your Will.
If, however, you do not have a Will or it does not reflect your circumstances, then your staff, managers or loved ones would not be able to immediately take any action until probate is concluded which can take many months -causing catastrophic losses or difficulties for the business. Also, the estate can become very complicated and may be subject to a hefty tax bill which might not be the case with proper Wills planning.
Depending on the company structure and banking arrangements, assets could be potentially frozen resulting in staff and suppliers going unpaid, and the general confusion and panic can be enough alone to damage a business and its goodwill.
Family Changes
If your family situation (divorce, marriage, remarriage etc.) or lifestyle has changed since your last Will or if your Will is over five years old it is vital that a new one is made. Otherwise, parts of your estate may pass under intestacy laws or the whole Will itself may be revoked as a matter of law, and in any event, the Will may not be as tax effective as it should be.
In addition to Wills, our estate planning will help solve other puzzles to ensure assets do not become taken by the state or creditors, and by assisting you with a Partnership or Shareholder Agreement which can help with a range of business matters including the death of the owners.
There are many other pitfalls for business people passing on without a bespoke Will and proper planning, so our advice is simple; if you don’t have a Will, contact us immediately. If you do have a Will but have not reviewed it for five years or more, contact us to ensure it reflects your current situation.
To arrange a meeting with our Wills, Probate & LPA specialists, call 01792 450010 or email [email protected][email protected] and for more information, click here – https://www.peterlynnandpartners.co.uk/wills-probate-trusts/