Don’t Leave Your Future Finances to Chance – Part Three

As a business owner, you feel the sense of responsibility that rests on your shoulders.

Making critical decisions on the direction of the company, you work tirelessly for the benefit of the organisation and the employees.

Proud of the progress made, would you want that to suffer after you die?

As part of a series of informative articles, the Wills, Probate, and Trust specialists at Winn Solicitors have put together a collection of scenarios that highlight the dangers of leaving the future to uncertainty and fate and out of the hands of legal advisors who can help.

On this occasion, we introduce Patrick…

The scenario

A successful business leader, Patrick wanted to plan to ensure his death didn’t affect the transition of the company from his leadership to a new era. Seeking to minimise the disruption caused by his death and provide the best possible future for the company and its employees, he decided to make his brother his Executor; he trusted him due to obvious family bonds but he worked abroad.

What went wrong?

Patrick used a template that he found using an online search engine. Unfortunately, it wasn’t a UK website he used and there are now doubts about the validity of the Will. If invalid, his estate may fall into intestate with his children – under the legal age of an adult - being the only ones eligible to inherit.

If the Will is valid, he has left the business to his brother, who lives in a different country and has no business background.

After Patrick’s death, there was much confusion and debate over the Will, with the brother desperate to help but without the knowledge to do so. The business was losing value and needed to be run properly in order to cover costs and maintain employee wages.

How can Winns help?

If he had sought the advice of the legal specialists at Winns, they would have advised him to appoint an Executor who knew the business well and could guide it with the skills and knowledge required.

The team would also have helped Patrick to understand the implications of creating a valid Will that could have been created to leave more money in the estate for his children and avoided the costly confusion that unfolded after he died.

Although the conversation may seem morbid, now is the best time to discuss a future after you’ve gone. You’ve worked hard to build up a business and you want to take care of the ones you love. Don’t leave that to chance.

Call the Wills, Probate and Trust team at Winns Solicitors and we’ll support you every step of the way.

Ready for a no-obligation chat?

Call now

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