With the warmth of summer comes the joy of a well-earned holiday. But for some, this can also be a time of trepidation.
In recent years, travel anxieties have increased. From testing positive for Covid, worries about natural and nuclear disasters, and concerns over international conflict, relaxing before a holiday abroad is proving difficult.[i] This doubt can be a trigger for many to have a will written before they board the plane, ensuring that their money, property, possessions and investments go to the people and causes they care about.
It is a macabre thought, but having a will is vital – over half of UK adults do not have one, meaning that their estate won’t go to where they would ideally want it to.[ii] For dentists planning on writing or amending their will, there are many questions to consider, such as how do you decide the best way to divide your estate? And, what happens to the business if you are a practice owner?
The bond of business
Dental practice owners have full-on schedules, juggling patient treatments with managing, developing and growing the business. Personal admin may therefore take a back seat – this can include writing a will. Documenting your succession is imperative if you have family members or workers who are reliant on the business for their own financial security in the future. In the event of an untimely death, having a planned route for the practice to continue operating ensures that your dependents are provided for.
Without legal documents saying otherwise, administrators of your estate will share it, including your sole trading business assets, according to intestacy rules. Instead, having a Business Will allows your chosen successor to fill in your shoes – this can mean bringing in a close friend or family member or finding a suitable professional to manage the business.
In the case of the former, you will require a meeting to formally discuss the business and finances, ensuring that the recipient has sufficient knowledge to takeover in the event of an untimely death. Having a financial adviser with you can streamline the conversation, simplifying the essential information and providing continuity.
Selecting your options
The two most important details of a will should clearly state who will be distributing the will (the executor), and how it’s going to be distributed. This takes considerable thought; who do you want to benefit from your finances? Those with children are likely to leave a large portion of the residue of their estate to them, this being the property and money left over following funeral and admin expenses.
You may also have specific gifts for particular people, such as a painting you own or an antique that you wish to entrust to another. Identifying these more personal choices can take time, forcing you to take stock of your belongings and potentially having them valued.
Planning five years at a time
A will should be reviewed and amended every five years or so. If changed, the older will should be destroyed so there is no overlap or conflicting interest. Much can change in five years: you may have a child, or a new niece/nephew/grandchild that you would like to include in your estate. You may have pets that need handing over to a specific owner, a higher income or newer business interest to consider, or more property to manage.
You may also need to change Lasting Power of Attorney if that party is unable to act on your behalf owing to illness, personal issues or death. Switching costs £82 and the current PoA must be revoked for the new one to be active.
As a practice owner, the five-year recommendation also ensures that, if you have selected someone to take over the business, that person is still happy and able to do so.
Managing your finances shouldn’t be a burden to face alone. money4dentists provides expert advice in a range of areas, from pension and retirement planning to life and critical illness protection. With a history that dates back over half a century, the team of advisers at money4dentists can ensure that your monetary issues are in good hands for now and the future.
Having a will that best manages and shares your finances removes worry, allowing you to take each day as it comes with the knowledge that your loved ones and dependents would be looked after should the worst happen.
For more information please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
Authors: Richard Lishman and Sarah Guilford Senior Financial Adviser t money4denitsts
[i] Wilson, N. (2024). Survey reveals holidaymakers’ biggest fears – and they’re not what you might expect. [online] The Independent. Available at: https://www.independent.co.uk/travel/news-and-advice/holiday-travellers-hotels-passport-theft-cancellations-b2513077.html# [Accessed 27 Mar. 2025].
[ii] Canada Life UK: Investing, International, Retirement & Protection. (2024). Over half of UK adults do not have a will. [online] Available at: https://www.canadalife.co.uk/news/over-half-of-uk-adults-do-not-have-a-will/.
