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Episode 36: The Importance of Wills and Probate for Business Owners and Consultants
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HR Voices
A podcast for independent HR and people, professionals, and the businesses they support.
Hosted by Mary Asante of HR Independents Ltd.
DATE: 11th November 2024
Episode 36: The Importance of Wills and Probate for Business Owners and Consultants
Guest: Scott Walker, Scott Walker (and Consultant at Richard Nelson Solicitors)
In this episode of HR Voices, host Mary Asante is joined by Scott Walker, a Wills and Probate expert who explains the often daunting topic of wills in a way that makes it less mysterious and easier to understand. Scott and Mary discuss why every business owner, consultant, or self-employed individual should have a will in place to protect their assets and loved ones.
In this episode we cover:
- What is a Will? Scott breaks down the basic concept of a will and why it's vital for ensuring your assets—property, money, business, and personal possessions—are passed on to the people you care about.
- Why Everyone Needs a Will: Learn why having a will is not just about death but also about planning for the future and securing the financial future of your loved ones or your business.
- What Happens if You Don’t Have a Will: Scott explains the legal implications of not having a will in place, including how the intestacy rules decide what happens to your assets, especially in the absence of a spouse, children, or a valid will.
- The Importance of Wills for Business Owners and Consultants: Whether you're a sole trader, part of a partnership, or own shares in a limited company, having a will ensures your business can continue running smoothly or that your assets are passed on according to your wishes.
- Power of Attorney and Business Protection: Scott also touches on the importance of having a lasting power of attorney in place, particularly for business owners, to ensure the continuity of business operations should you become incapacitated.
Key Takeaways:
- A will is essential for ensuring your assets, including your business, are passed on to the people you choose, rather than being left to the intestacy rules.
- Planning for your future, even before death, is important, especially for business owners who need to ensure the smooth transition of their business assets.
- A lasting power of attorney is just as crucial as a will, as it ensures your business or personal affairs can continue to be managed if you are unable to do so due to illness.
Top Tips from Scott Walker:
- Know Your ‘Why’: Understand the reason you’re creating a will and take time to plan what assets you have and who you want them to go to.
- Start Conversations About Death and Illness: Talking openly about death can help you plan better and live well by securing the future for yourself and your loved ones.
- Consider a Lasting Power of Attorney: This allows someone you trust to manage your business or personal affairs in case you become ill or incapacitated, ensuring continuity.
Thanks for listening to HR Voices! If you enjoyed this episode, please leave us a review.
HR Voices Contact: hrvoices@hrindependent.co.uk
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