When it comes to estate planning, many people assume that creating a Will should be a straightforward and inexpensive process. After all, a Will is just a document that states who should inherit your belongings after you pass away, right? So why does it often come with a higher price tag than expected?
In this collection of legal blogs, we present a series of case studies that reveal how often people's situations are more complex than they realise and how we helped them navigate these complexities to create tailored Wills to suit their needs.
Case Study 2 – Lucy
Lucy, a successful business owner in her early 60s, came to us with the goal of preparing a Will that would distribute her assets amongst her spouse and adult children. Lucy also owned a thriving business, which she wanted to pass to her spouse, children and niece, who were already involved in the company.
The Complexity
Business assets often present their own unique challenges in estate planning, particularly when multiple beneficiaries are involved. Lucy needed to consider how the business would be managed and controlled after her passing, and how to ensure that the business remained viable during the transition period. Additionally, Lucy wanted to make sure her Will was tax efficient, as her company was quite valuable, and she did not want it to have to be sold to settle any tax liabilities.
The Solution
We advised Lucy on her options surrounding her business and how this could be gifted separately to her residuary estate under her Will. We were able to advise Lucy on business property relief and how best to structure her Will to benefit from this relief. We created a trust within Lucy’s Will to manage the business assets, ensuring that the company would continue to operate smoothly after her death, and that all her loved ones could benefit from the business without losing the tax advantages.
Conclusion
This case study highlights that whilst a Will might seem like a simple document, individual circumstances often require more nuanced solutions. Creating a tailored Will ensures that all aspects of your life and legacy are thoughtfully and effectively managed. Investing in expert legal advice may come with a higher cost, but it provides invaluable peace of mind and prevents future complications for your loved ones.
Contact us
If you or a friend/family member are looking to prepare a Will , and would like to make an appointment to see one of our lawyers, please contact our enquiries team by email at privateclient@baker-law.co.uk or telephone 01252 733 770 and ask to speak to the Private Client team about Wills. We will be happy to provide details of our fees and procedure and arrange an appointment to meet to take instructions.
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