Paul is an Associate Solicitor in the Wills & Probate team at Slater Heelis Solicitors, specialising in wills, trusts, estate administration and Lasting Powers of Attorney. 

Why is succession planning often overlooked, and what risks does no succession planning create for families and business owners?

Succession planning is often overlooked because people are busy, find it uncomfortable, or assume it’s too complicated or unnecessary. But failing to plan creates real risks: higher Inheritance Tax bills, assets passing under rigid intestacy rules, unprotected partners and costly family disputes – especially where valuable business assets are involved. Planning ahead now saves money, stress and uncertainty later.

How can wills and trusts be used to protect assets while ensuring loved ones are financially secure? 

Thoughtfully drafted wills and trusts allow business owners to protect family wealth while providing long‑term security for loved ones. Trusts can safeguard business assets, preserve wealth if a spouse remarries or needs care, and shield estates from tax inefficiencies, divorce or poor financial decisions. By moving beyond simple wills and using trusts strategically, families can pass on more of their hard‑earned assets securely, flexibly and tax‑efficiently to the next generation.

What are the most common inheritance tax pitfalls you see, and how can proactive planning reduce exposure? 

The biggest pitfall is failing to plan at all. Outdated wills, unclear business arrangements and estates with too little liquid cash can lead to higher Inheritance Tax bills, rushed asset sales and family disputes. Regularly reviewing wills, business structures and available tax reliefs, and using tools like trusts, insurance and well‑timed lifetime gifts, helps protect business assets and ensures families don’t pay too much tax or suffer disruption. Early, thoughtful planning keeps succession smooth and tax‑efficient.