Where there's a will, there's a way

Once the only place you could write a will was at the family solicitors. In recent years there has been a huge leap in the number of professions and companies offering this service. It is now not only possible to follow the traditional methods but also buy self-write packages from WH Smiths, mail order and even through the Internet.

Unfortunately, the lack of legal advice that sometimes accompanies these packages sometimes results in the deceased's wishes not being carried out as the will is not legal. The result is the same as if that person had died in testate (without a will) and assets will be distributed in accordance with the rules of intestacy. Relatives that you have not seen or spoken to for many years could benefit from your estate.

Protecting your business

If you have shares in a limited company you may believe that they will pass to your beneficiaries in accordance with your wishes. As with many aspects of the law this will not always be the case. It is important to check the Memorandum and Articles of Association of the company to see what would actually happen to shares on death. Many require that the first step taken is the offer of the shares to the remaining shareholders and only if they refuse to purchase them can they be sold or passed on to someone else.

Similarly, except in the cases where a partnership agreement has been drawn up clearly defining what should happen to a share upon death, current legislation dictates that a partnership is automatically dissolved and the Personal Representatives of the deceased assume full responsibility for the distribution of the deceased's assets. The law stops short on advising in what form this may take and the representatives are therefore under no duty to offer the deceased's share to the surviving partners. What's more they may insist that they become a partner or that the assets are sold and distributed.

This obviously highlights the importance of not only writing your own will and ensuring that your wishes and financial interests are protected after your death, but also the significance of protecting your own future should your business partner pass on before you.