The importance of making a Will as a business owner
Abstract
A relatively recent change to UK inheritance law has made it even more important that those who own businesses draw up a Will. Having no plans in place could mean that some survivors are left with nothing. In this article, Angharad Lynn, Solicitor at VWV Law, explains the changes to the law, and how they will affect UK business owers in the future
Business owners without a Will are not alone. Around 60% of the UK population does not have a Will, including a third of those aged over 55 years. For a business owner, dying without making a Will and/or planning your succession can have a devastating effect, not only on your family, but on your business too.
If you die without a Will your estate will be passed on according to the intestacy rules. The laws relating to intestacy changed in October 2014, when the Inheritance and Trustees Powers Act came into force. Under the new rules, if an individual dies leaving a spouse and children, the spouse will take the statutory legacy (currently £250 000) and the rest of the estate will be divided equally between the spouse and the children. If there are no children, the spouse inherits the whole estate.
For unmarried couples, it is particularly important to have a Will, as the intestacy rules take no account of such relationships. If the couple have children, they will inherit everything. If not, the estate will go to other blood relatives. The surviving unmarried partner will receive nothing.
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