08 November 2019
Arti and Collette are enthusiastic about the future and delighted to find out that they are having a baby.
As part of Arti’s business review with BTO’s Corporate team, he was advised that it would be worthwhile to put a Will in place in anticipation of any children arriving.
This was a crucial step in the process of setting up a business, in order to deal with the future succession of the business. It made sense for the Will to be drawn up by the same solicitors involved in setting up the business itself. Arti realised that it was not only relevant for their current assets and future business prospects, but also important for their future children.
Arti met with BTO’s Wills, Estate and Succession Planning team who pointed out that, as parents, Arti and Collette should appoint a legal guardian for their future children, in the event of something happening to them both. This may not have been something that Arti would have considered before (nor would he have wanted to, at such a young age!), but they encouraged the couple to look at all eventualities of their particular family circumstances.
Putting in place a Will at this stage of their lives also became significant in that, naturally, they both wanted their child (and any other future children) to inherit from their estate. They recommended the use of a Discretionary Trust for the benefit of their children, in the event that they die at a young age.
Arti had always believed that trusts were for the rich and privileged, but it made complete sense that their wealth be held for their children until they reach an age where they are responsible enough to inherit.
They emphasised that a Will was not a one-off document for devising later in life. Rather it was a series of decisions which, like most things, change over time. They suggested that Arti and Collete review these deeds every 5 years, particularly given the potential for their increase in wealth over the coming years as a result of their new business venture.
For more information, please contact a member of our Wills, Estates & Succession Planning team.
