Making A Will

Succession planning is a crucial process for anyone who wants to ensure that their assets and business interests are distributed according to their wishes after their death. One of the most fundamental components of effective succession planning is making a Will. At Blackstone Solicitors, we understand the importance of having a legally sound Will that aligns with your overall succession plan, protecting both your personal and business interests.

Contact us today and we can talk you through our services and how we can help you and your family. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will give you a call back as soon as possible.

At Blackstone, we always aim to provide the best service possible. Meticulous in our approach, we will make sure everything is dealt with as you wish and will keep you updated throughout the legal process, ensuring that you always know of any developments.

“I received very good service and advice, given to me on a week by week basis. I would strongly recommend Blackstone.”

– Paul

Our Services

We can provide help with a wide range of matters relating to Succession Planning, including:

We have partners we work closely with that can advise upon:

Tax Planning including advising on capital gains tax and income tax for individuals, businesses, landed estates, professionals, entrepreneurs and advice on matters including business relief, exemptions and retirement planning.

Why Is Making a Will Important in Succession Planning?

A Will is a legal document that sets out your wishes regarding the distribution of your assets after your death. For individuals involved in business, making a Will is not just about personal assets; it’s also about ensuring that your business interests are handled in a way that reflects your intentions and supports the continuity of the enterprise.

Control Over Asset Distribution

Without a Will, your estate will be distributed according to the rules of intestacy, which may not align with your wishes. These rules dictate a specific order in which relatives inherit, which could lead to unintended consequences. For example, business assets could be divided among family members who have no interest in or understanding of the business, potentially leading to its decline. A Will allows you to specify exactly how your assets, including business interests, should be distributed.

Protecting Your Business Interests

For business owners, making a Will is a critical step in ensuring that the business can continue to operate smoothly after your death. In your Will, you can appoint individuals who will inherit your share of the business or outline how your business interests should be managed or sold. This can prevent disputes among family members and business partners and help preserve the value of the business.

Minimising Inheritance Tax

Succession planning often involves strategies to minimise inheritance tax, ensuring that more of your estate is passed on to your beneficiaries. A Will can be used to implement these strategies, such as setting up trusts or making use of tax allowances. By planning ahead, you can reduce the tax burden on your estate and maximise the inheritance for your loved ones.

Providing for Dependants

If you have dependants, such as young children or elderly relatives, making a Will allows you to make specific provisions for their care and financial support. This might include appointing guardians for minor children or setting up trusts to manage their inheritance until they reach adulthood. These decisions are particularly important in ensuring that your dependants are cared for in a way that reflects your values and wishes.

Preventing Disputes

A clear and legally binding Will can help to prevent disputes among family members and other beneficiaries after your death. Succession planning is often a sensitive topic, particularly in family-owned businesses, and disagreements over inheritance can lead to lengthy and costly legal battles. A well-drafted Will can reduce the likelihood of such disputes by clearly outlining your intentions.

Key Elements to Include in a Will for Succession Planning

When making a Will as part of your succession plan, there are several key elements that you should consider including to ensure that your wishes are fully realised:

Appointment of Executors

The executor of your Will is responsible for administering your estate according to your wishes. This includes paying off any debts, distributing assets, and ensuring that all legal and tax obligations are met. It’s important to appoint someone you trust to act as your executor, and you may want to consider appointing multiple executors, particularly if your estate is complex.

Specific Bequests

Your Will should include specific bequests, which are gifts of particular items or sums of money to named individuals or organisations. This could include leaving your business interests to a particular family member or setting aside funds for charitable donations. Be as clear as possible in your descriptions to avoid ambiguity.

Instructions for Business Assets

If you own a business or have shares in a company, your Will should include detailed instructions for what should happen to these assets after your death. This might involve transferring ownership to a business partner or family member, selling the business, or winding it down. You may also want to include instructions for how any business debts should be settled.

Trusts

Trusts are a common tool in succession planning, particularly for managing assets for beneficiaries who may not be ready to receive them immediately, such as minor children. In your Will, you can set up trusts to manage assets on behalf of beneficiaries until they reach a certain age or meet other conditions. Trusts can also be used to provide ongoing support for dependants, protect assets from creditors, or minimise inheritance tax.

Guardianship Provisions

If you have minor children, your Will should include provisions for their guardianship in the event of your death. This is an important decision that should be made carefully, considering who would be best suited to care for your children and how their financial needs will be met.

Funeral Wishes

While not directly related to succession planning, many people choose to include their funeral wishes in their Will. This can provide guidance to your loved ones during a difficult time and ensure that your final arrangements reflect your preferences.

Our Approach

We are 100% committed to ensuring each and every one of our clients receives the highest quality service and we will go the extra mile to ensure that you are happy with the results gained. We understand it can be particularly difficult to deal with matters relating to death and inheritance, and this is why our friendly and approachable team always take a sympathetic and understanding approach, ensuring that you receive the support you need.

We believe communication is of the utmost importance. We will therefore keep you updated as things develop and our solicitors will provide practical, straightforward legal advice so that you can be confident everything is progressing as you would like.

Get in Touch

Contact us today to discuss any matter relating to Succession Planning. We can talk about your situation in depth and get to the bottom of what you need and how we can help. We are here to answer any questions which you have, and we aim to make everything as simple for you as possible.

Our team is approachable, professional and vastly experienced. We will do everything in our power to help you get the outcome you need. Call us on 0345 901 0445 or, if you would prefer us to contact you, leave your details via our online enquiry form.

We offer our services to clients in Manchester, Chester, Cheshire and throughout the rest of the UK. We also have an office in London.