Don’t Leave Your Legacy to Chance: A Step-by-Step Guide to Will Writing for Entrepreneurs and Business Owners

In the journey of being an entrepreneur and business owner, securing your financial legacy is as crucial as building it. 

Will writing, often overlooked, is a key step in ensuring that your hard-earned assets and business accomplishments are protected and passed on according to your wishes. 

This guide offers a comprehensive overview of Will writing, tailored to the needs of entrepreneurs and business owners who prioritise their family’s financial security and the longevity of their business.

The Essential Role of a Will

A Will isn’t just a legal formality; it’s a strategic tool in your financial planning arsenal. 

For entrepreneurs and business owners, a Will ensures that the wealth and assets you’ve accumulated go exactly where you intend. 

It also provides clarity and direction for the future of your business, preventing potential disputes and confusion.

Step 1: Evaluating Your Estate

Before drafting a Will, it’s crucial to assess your entire estate. 

This includes not just real estate and personal savings, but also business assets, investments, and any shares in companies. 

Understanding the scope of your estate is the foundation of effective estate planning.

Step 2: Selecting Your Executors and Guardians

Appointing an Executor is critical. The person you appoint will manage your estate and ensure your Will is executed as intended.

For business owners, it’s also wise to consider succession planning for your company within this decision.

If you have minor children, naming a Guardian is equally important to ensure their wellbeing and care.

Step 3: Detailing Asset Distribution

Your Will should clearly outline how your assets are to be distributed. 

This goes beyond just dividing assets; it’s about making strategic decisions that align with your business plans and family needs. 

Consider creating trusts or specific instructions for business assets to ensure continuity and stability.

Step 4: Navigating Tax Implications

Efficient tax planning is essential in Will writing. 

Inheritance tax can significantly affect your estate’s value and the financial wellbeing of your beneficiaries. 

Professional advice can be invaluable here, ensuring your Will is structured to optimise tax efficiency.

Step 5: Seeking Professional Guidance

Given the complexity of business and personal assets, professional advice is not just recommended; it’s essential. 

As experts in estate planning, Legacy can provide personalised advice, ensuring your Will is robust, legally compliant, and reflective of your unique circumstances.

Step 6: Regularly Reviewing and Updating Your Will

Life changes, and so should your Will. 

Regular updates are vital to ensure your Will remains relevant to your current situation, especially after significant events like business expansion, asset acquisition, or changes in your family structure.

How we can help

Writing a Will is an essential part of preparing your business and personal legacy; it’s not a must do this. 

As an entrepreneur or business owner, taking control of this aspect ensures that your hard-earned assets are protected, and your family and business are secured for the future. 

The peace of mind that comes from a well-structured Will is invaluable, enabling you to focus on what you do best: growing your business and nurturing your family.

If you’re ready to take this essential step towards securing your legacy, we invite you to book an discovery call with us. 

Our team of experts is dedicated to providing personalised, effective estate planning solutions that cater specifically to the unique needs for you and your family. 

Don’t let another day pass without securing your legacy. Reach out to us today, and take the first step towards a future where your business and loved ones are well taken care of.

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Client Testimonial

“Having seen John of Legacy Wills present at a property event, it was clear he had both the breadth of knowledge and experience and also the ability to make a very dry subject both understandable and engaging. That’s a tough call when talking about Wills, Trusts and death. John produced Wills and POA’s for myself and my wife in a timely, effective and reasonable manner. I have subsequently recommended him to numerous colleagues and friends to cut out the jargon and challenges surrounding this critical protection, which is too often deferred or neglected.”

Dan Norman