A Will is one of the most fundamental legal instruments available for individuals who wish to manage how their assets are distributed after death. While often viewed as a standalone document, a Will plays a crucial role within the broader context of succession planning—a comprehensive strategy for transferring wealth, responsibilities, and ownership in a structured and legally sound manner.
At Blackstone Solicitors, we work with individuals, families, and business owners across England and Wales to ensure their Wills and succession plans are tailored to their specific needs. This article explores what a Will is, why it is important, and how it integrates into effective succession planning.
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For a free initial discussion with a member of our New Enquiries Team, get in touch with us today. We are experienced in dealing with all the legal aspects of Succession Planning, and once instructed, we will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure you are on the best possible footing from the start and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or click here to make a free enquiry and a member of the team will get back to you.
The Importance of a Succession Plan
A well-structured succession plan serves several critical functions:
- Ensures your assets are distributed according to your wishes
- Appoints trusted individuals to make decisions on your behalf
- Minimises the risk of family disputes
- Protects the future of your business
- Reduces inheritance tax liability where possible
- Provides clarity and reassurance for loved ones
Without a valid plan in place, your estate may be dealt with under the rules of intestacy, which may not align with your preferences. Furthermore, the absence of formal instructions can cause confusion and conflict at an already difficult time.
Key Components of a Succession Plan
To ensure your wishes are fully protected, your succession plan should include the following core documents:
- A Valid Will
Your will is the cornerstone of your succession plan. It sets out:
- How your estate should be distributed
- Who will administer your estate (executors)
- Guardianship arrangements for any minor children
- Specific gifts to individuals or charities
It is essential that your will is properly drafted and signed in accordance with legal requirements. An informal or poorly written will can be contested or declared invalid.
- Lasting Powers of Attorney (LPA)
LPAs allow you to appoint one or more individuals to make decisions on your behalf if you lose mental capacity. There are two types:
- Property and financial affairs
- Health and welfare
By appointing attorneys you trust, you help ensure that your financial and personal decisions align with your values and preferences—even if you are unable to communicate them yourself.
- Trusts
Trusts can offer control, protection, and tax efficiency in managing how and when beneficiaries receive assets. A trust may be particularly suitable if:
- You have minor or vulnerable beneficiaries
- You wish to stagger inheritance over time
- You own business assets or agricultural property
- You want to mitigate inheritance tax
To be effective, the trust deed must be clear, legally compliant, and managed by competent trustees.
- Business Succession Agreements
If you own or hold shares in a business, you should have agreements in place to govern what happens upon your death, retirement, or incapacity. These may include:
- Shareholder or partnership agreements
- Buy-sell agreements
- Company articles of association
These documents help avoid disputes and provide a clear process for transfer of control or ownership.
Steps to Ensure Your Wishes Are Followed
Crafting a legally sound plan is just the start. To truly ensure your wishes are carried out, consider the following best practices:
- Be Clear and Specific
Ambiguity can lead to disputes or misinterpretation. Use precise, unambiguous language in all legal documents. Avoid vague expressions such as “fair share” or “what they deserve”—instead, clearly define who receives what, and under what conditions.
If you have complex intentions, consider a professionally drafted letter of wishes to accompany your will or trust. While not legally binding, it provides helpful guidance for executors and trustees.
- Choose the Right Executors and Attorneys
Appoint people you trust to carry out your wishes competently and faithfully. Executors manage the administration of your estate; attorneys handle decisions during your lifetime if you lose capacity.
When making your choices, consider:
- Their willingness and ability to act
- Their understanding of your values and intentions
- Whether they are impartial and dependable
- The dynamics between family members
Where appropriate, you may wish to appoint a professional, such as a solicitor or accountant, to act alongside or in place of family members.
- Communicate Your Plan
While your documents will speak for themselves legally, communicating your wishes to family members and other stakeholders can reduce the risk of misunderstanding or conflict.
Consider holding a family meeting or sharing a written summary of your plan with key individuals. Transparency can help prepare beneficiaries for what to expect and allow for any concerns to be addressed in advance.
- Update Your Plan Regularly
Your succession plan should evolve with your life. Review your arrangements at least every three to five years or sooner if:
- You get married, divorced, or separated
- You have children or grandchildren
- A beneficiary or executor dies
- Your business interests change
- Your financial situation alters significantly
- The law changes (e.g., inheritance tax reforms)
Failing to update your documents may result in outdated instructions that no longer reflect your intentions.
- Keep Documents Accessible and Secure
Make sure your original documents are stored safely and that your executors and attorneys know where to find them. Lost wills or powers of attorney can cause delays and complications.
You may wish to:
- Lodge a copy of your will with your solicitor
- Register your LPA with the Office of the Public Guardian
- Provide trustees or family members with sealed copies of key documents
Keeping everything in order helps ensure smooth implementation when the time comes.
Avoiding Common Pitfalls
Even the best-laid plans can go awry if certain issues are overlooked. Here are a few pitfalls to avoid:
Relying on Verbal Instructions
Verbal promises or informal notes, such as those left in diaries or letters, generally carry no legal weight. Always ensure your intentions are documented in properly executed legal documents.
Failing to Consider Tax Implications
A plan that does not consider inheritance tax, capital gains tax, or business relief may inadvertently reduce the value of your estate. Early advice from tax and legal professionals can avoid unnecessary losses.
Not Planning for Incapacity
A will only takes effect upon death. Without an LPA, your loved ones may have to apply for a Deputyship Order if you lose mental capacity—an expensive and time-consuming process.
Ignoring Digital Assets
Online accounts, cryptocurrencies, and digital subscriptions are often overlooked. Make provisions for how these should be accessed or managed in your absence.
The Role of Legal Support
While online templates and DIY approaches exist, they rarely provide the necessary precision or foresight required in effective succession planning. With professional guidance, you can:
- Ensure all documents are legally valid and consistent
- Avoid accidental disinheritance or tax inefficiency
- Customise your plan to suit complex family or business circumstances
- Gain peace of mind that your wishes will be respected
At Blackstone Solicitors, we bring together expertise in private client law and business law to create succession plans that are tailored, effective, and robust.
Conclusion
Ensuring your wishes are carried out in a succession plan is about more than writing a will—it requires clear legal documentation, thoughtful planning, and ongoing communication. By putting the right structures in place and working with trusted professionals, you can protect your legacy and provide clarity for your loved ones during life’s most difficult transitions.
How we can help
We have a proven track-record of advising upon all aspects of succession planning. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting. You can read more about the range of sports law services we offer by clicking here: https://blackstonesolicitorsltd.co.uk/succession-planning/
How to Contact Our Succession Planning Solicitors
It is important for you to be well informed about the issues and possible implications of succession planning. However, expert legal support is crucial in terms of ensuring a positive outcome to your situation.
To speak to our Succession Planning solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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