Why It’s Important For Business Owners To Have A Will

We’re living in scary times. COVID-19 is spreading across the world, with a terrifying number of deaths predicted. Events like this make us all very aware of our own mortality and vulnerability.

Despite this, according to thisismoney.co.uk, 70% of adults don’t have a will, which is something we can never get our heads around, as by not writing a will they are leaving their family unprotected.

There are also a huge number of people who do have a will – but one which is horribly out of date.

What’s Stopping Them From Creating Or Updating A Will?

Many people don’t think they’re rich enough to have a will. For others, they think it’s too complicated. And moreover, people trust their family to split their possessions up fairly when they pass.

If only life were that easy!

And if you’re a parent, things get even more serious. By not having a will in place, you’re at risk of leaving your family exposed – even more so if you’re not married to your partner.

Plus, if you’re a business owner, you should think of the potential effect on your employees.

Are You A Business Owner?

If you’re a sole trader, are in a partnership, or own shares in a limited company, then having a will is particularly important. Passing away without one is likely to lead to substantial delays in anyone being able to deal with the business.

These delays can lead to the business being unable to trade – which will result in its value falling significantly. Additionally, by not leaving a will, your interest in the partnership or business may not pass to who you’d wish it to.

Are You A Parent?

If you pass away without having a valid and up-to-date will, then everything you own will be decided by the rule of intestacy. This will see all your possessions divided up as the courts see fit.

So if you’re a parent, this means you’ll have no control over which of your children get what.

What If Your Parent Doesn’t Have A Will?

In this instance, their spouse, cohabitee, partner, or civil partner won’t automatically inherit everything, and if your parent is in a relationship but not married, then depending on how they hold their assets there’s a danger the partner may not inherit anything.

Having your parent die without leaving a will also means that who looks after their children may be decided by a local authority or court, and that any step-children or foster children won’t inherit anything.

For all these reasons and more, if you don’t have a will, or if it’s been years since your will was last updated, please do something about it. Don’t leave things to chance!

How We Can Help

Our experienced, skilled, and friendly lawyers can help you put together a will that will take care of all your affairs.

If the worst were to happen and you or your partner were to die, we will help to ensure that your family is protected and provided for, and that everything you own will be split up in the way you wanted.

But of course, having a will is about much more than money.

By simply writing a will, it allows guardians to be appointed for your children if they’re under 18 years of age at the time of your passing.

So, if you haven’t got plans for your children outlined in a will, and if both of the children’s parents were to pass, it would then fall to people who you don’t know to decide your children’s future.

If you’re a parent, that can be a terrifying prospect.   

About Us

As solicitors, our job is to make everything as simple as possible for our clients.

Since we want our clients to be 100% clear about everything, we’ll do the very best to explain our advice in clear and simple terms, while avoiding the use of legal jargon.

Our office is still open, but if you’d rather not have a face-to-face meeting, our Wills, Trusts and Probate team can
still help you with writing your will.

Just give the team a call on 01752 827076, or email us at dcornelius@nash.co.uk

We’ll always do our best to help you!

Written By: David Cornelius,
Nash & Co. Solicitors

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