Episode 36: The Importance of Wills and Probate for Business Owners and Consultants

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:

1. 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.
2. 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.
3. 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.

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