When making a will it is important to fully understand what can be legally bequeathed to a loved one, business partner or friend. As the leader of a business, you should be aware of who inherits your business and other assets upon your death.
While it might be easy to define which of your possessions can be transferred through your will, there are some important types of ownership interests that cannot be transferred:
There are some additional considerations that must be noted:
Finally, there are some things a will simply cannot do;
All of these areas are of great importance and can create additional complications when trying to draft a will that will be legally enforceable. It is always best that you first consult legal and financial professionals who can help you best plan for the needs of those you leave behind.
Rolf Howard, Managing Partner, Owen Hodge Lawyers