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What can I leave under my will?
Everything you own. This is known as your estate and includes;
Money in any accounts and cash
Land and Buildings
Stocks and Shares
Contents of Safe Deposit boxes
Proceeds of Insurance Policies
Gold and Jewellery
Valuable items such as paintings
Personal and household goods
Cars
Intellectual property
Digital DeathThe last several decades have seen a new phenomenon that of Digital Assets. Digital Inheritance is the process of handing over digital assets to your beneficiaries
Digital AssetsDigital assets are (in contrast to physical assets) unlike usual assets. Data sets that can be inherited can include passwords, instructive memos, digital contracts, digital receipts, pictures, medical information (e.g. about inheritable diseases). Today, more and more assets are resting on media that are not owned by the data owner but by service providers (e.g. Google, Apple, Microsoft etc.)In contrast to physical assets, electronic assets can be copied indefinitely, which could be problematic if the asset represents intellectual property.
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ooooDigital ContractsA problem is also posed by the fact that some contracts with service providers most often are automatically terminated (by the terms of service) as soon as the customer ceases to exist. Meaning that there is no right for heirs to access that data.In contrast to conventional inheritance of physical assets, digital inheritance also needs to cope with the fact that the digital heirs may only know the person making the will by their email addresses or mobile numbers. Handing over digital assets requires additional instructions and passwords that may be crucial for an heir to further deal with the digital assets
Businesses
Business interests need to be properly considered in order that your estate plan fits in well with your business assets. You can plan future business and financial strategy better if you have given careful thought to making a goodoo
Some IssuesProperty
Is it freehold .. is it leasehold...
Are the papers in order.....???Businesses
Will your share in any business have to be sold, if so how will the price be calculated?
Are there plans to continue the business if you fall ill or the worst happens ?Is the business the kind of business which your beneficiaries will be capable and passionate about running. If not then consider alternatives... maybe a business that will suit their interests, abilities and sensibilities
Business assets can take different forms from large to fairly small The interests may be held in partnerships or involve shares in companies. A review of business interests should be carried out to ensure there will be no difficulties in passing on the interests for the convenience of your beneficiaries as well as your business partners and fellow shareholders
A sensible approach would be to ensure that your Estate Plan fits in with your business interests and reviews should be carried out frequently. Businesses embrace many aspects and only brief pointers can be given here but this area is covered in more detail in our book on Estate Planning and Incentives and other publications
Your Accountants and Financial Advisers should work closely with your Legal Advisers in developing a suitable Business and Estate Plan " Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety "J. K. Galbraith
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