The vast majority of people will delay making or revising a Will for a variety of reasons but this can pose many problems for those that are left behind. Making a Will enables you to plan exactly what will happen to your estate and personal assets, ensuring that those you would like to benefit actually do so.

Without an up-to-date Will in place:

• You cannot be sure those you would wish to benefit will actually do so
• Your spouse or civil partner will not automatically inherit ALL of your estate
• Common Law partners may not receive anything
• Minor children could be taken into care while Guardians are appointed
• There could be lengthy delays for your beneficiaries and disputes between relatives

And if you are a business owner, do you know who would actually be entitled to your share of the business upon your death? Would your business partner be content to run your company with your surviving spouse or beneficiaries?

Without the appropriate Business Succession strategies such as Trusts or Shareholder Protection:

• Your spouse / partner and children may not inherit your share of a business.
• Business partners may not be able to buy out the deceased’s share.
• The surviving spouse or children may be obliged to take over the running of the business.
• The value of the business could depreciate owing to the inexperience of any beneficiary
• The business may have to be sold and the proceeds become liable to Inheritance Tax. 

Prime can provide specialist succession and bloodline planning that maximises tax efficiencies and eases the transition of assets through generations at a time that’s particularly difficult for family and business partners. We can also offer advice on how to protect your home and assets should you need to enter a care home in later years.