Herald - Issue 424

v THE HERALD - SUPPORTING LOCAL BUSINESSES v 2nd June 2022 • The HERALD • Page 63 Tel: 023 8254 7600 TMT House, 12 The Marsh, Hythe, Southampton, SO45 6AL enquiry@tmtlegalservices.co.uk www.tmtlegalservices.co.uk Your Local Legal Specialists WILLS & PROBATE ONLINE AND PHONE CONSULTATIONS AVAILABLE Call theTeam on 023 8254 7600 or visit our website for our online quotation tool where you can also instruct us LJM Bookkeeping Services I provide a range of accounting and business services to individuals, partnerships, charities and small businesses. I am licenced through the Institute of Certified Bookkeepers for the following services. Bookkeeping, Computerised Accounting Software, Final Year End Accounts, Payroll Management, CIS, VAT, Self Assessment Tax for Individuals and Construction Industry Scheme, Statutory Accounts for Small Businesses including Corporation Tax and related submissions, Holiday cover can also be provided for, hourly rates charged. Please contact Lynda McIntyre Email:  ljmbookkeepingservices@gmail.com Telephone: 07774 790543 ASK A PROFESSIONAL e answer is simple – to protect the people that you love. Your Partner Without a Will you would die ‘intestate’. is means that your ‘estate’, (everything that you own at the date of your death), would pass to family members under a framework of rules which are nearly 100 years old. Unless you are married or in a civil partnership, your partner will not automatically inherit from you. He or she would have to apply to Court for maintenance from your estate. is is a long, expensive and stressful process. ere is no guarantee that the Court will grant your partner the whole of your estate even if you have lived with them for decades. Without a Will, even if you are married your spouse will not automatically inherit everything if you have children. With a Will, you can provide for everyone in the fairest way. Your Children Every day, hundreds of children lose a parent. Bereaved children are not automatically taken in by family members. If you and your partner both died without a Will, a Court would take responsibility for your children under the age of 18 and decide what is best for them. e weight given by the Court to the children’s own wishes and feelings would depend on their age and maturity. When you make a Will, you can select people who know and love your children to be their Guardians. A Guardian makes decisions about where they live, who they live with, how they are educated and their medical treatment until they are aged 18. What happens if you die before your Partner, and they start a new family? A properly dra ed Will, ensures that children of a rst relationship are not disinherited if you die before your partner. e correct wording can also ensure that your estate passes to your children when they are mature enough to inherit large sums of money and that they don’t pay excessive amounts of tax. Your Business If you are a business owner and you die suddenly, how would your family manage? If a sole trader passes away, their business dies with them. eir business and personal nances would merge. Assets would be used to clear business debts, loans, mortgages, wages, and outstanding invoices. If you are part of a business partnership and you die suddenly, the partnership would dissolve. With a Will, you can direct what would happen to your share. If you have shares in a limited company, you can direct whether your shares are sold or transferred to your family. When you make a Will, you can sort out a plan of action and appoint an executor who knows how your business is run. You can review the succession planning and contracts that you already have. Unfortunately, accidents and illness affect everyone whatever their age. A well-dra ed Will is vital. It safeguards your family’s security. Feel free to contact TMT on 023 8254 7600 to discuss a Will Review/ new Will or Lasting Power of Attorney. ‘I’m young. Why do I need a Will?’ by Catherine Paget, Consultant Solicitor, TMT Legal Services Catherine Paget, Consultant Solicitor, TMT Legal Services