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In the world of business, securing your future is a must. Without a solid estate plan, you’re leaving a lot to chance – which can significantly impact your efforts. Grenfell James has gone the extra mile from numbers to offering essential estate planning services. We caught up with Kerry Murphy, Trust & Estate Practitioner at GJ Estate Planning, to get the scoop on how she’s making sure every client receives a personalised plan that truly fits.

Tell us about your background. What drew you to specialise in this area?

My professional journey began at a respected probate provider, where I gained deep insights into the repercussions of incomplete estate planning. I’ve seen the aftermath of people passing without wills or with errors in their wills, often leading to further legal actions and unnecessary complexities.

But the impact goes beyond finances. Poorly crafted wills can trigger estate disputes, leading to costly legal battles and probate delays. With 17 years of experience in the private client sector, I’ve developed the expertise to navigate these challenges.

I’ve covered various areas within the private client sector, including will writing and estate planning, estate administration and probate, trust administration and taxation and LPAs. I hold the distinction of being a Chartered Legal Executive and a Full Member of the Society of Trust and Estate Practitioners.

What drives the Wills and Estate Planning team’s success?

Our vision centres around creating a team that excels not only in technical expertise but also in compassion, innovation, and a sincere dedication to enhancing the lives of our clients and their families through strategic, holistic estate planning solutions.

How do you make estate planning a comfortable journey for clients?

Family dynamics can be complicated; I have seen and heard it all! Our conversations are strictly confidential and judgment-free. As a trusted accountancy partner to many – we’re already well-acquainted with their financial aspirations. So, we focus on turning estate planning into a smooth, stress-free chat.

We dive into each client’s unique estate, crafting tailored and comprehensive plans. With personalised consultations and a deep understanding of their needs, we design strategies that fit their situations, desires, and worries. Starting with addressing death planning, we seamlessly move on to inheritance tax planning in the following stages.

Estate Planning should be a top priority for business owners. Neglecting this critical aspect can have far-reaching consequences for your business and your loved ones. Using an independent third party like GJ Estate Planning can also help smooth conversations around succession planning.

Tell us about your progressive approach to estate planning.

We’ve integrated the latest legal software for will writing into our workflow. This streamlined approach enhances efficiency and allows us to provide meticulously crafted wills that cater to your specific needs. This technology is a game-changer in an industry that sometimes relies on outdated methods, ensuring our clients a modern, customised experience. At GJ Estate Planning, making a will is simple. We equip you with everything you need to know to make a will.

How do you stay in the loop with legal and industry updates?

I meet annual Continuing Professional Development criteria – a requirement for maintaining my qualifications and memberships. Staying in the know about estate planning’s latest laws and trends isn’t just crucial; meeting those CPD goals is mandatory. Gaining this knowledge isn’t just for me. I can pass it on to the team so they can continually refine their skills, find innovative solutions, and serve top-tier advice and strategies for clients.

It’s a bit of a wild west out there regarding will writing. Not everyone’s qualified or experienced enough to give out estate planning advice. But at GJ Estate Planning, we’ve got that covered. We are proud members of the Best Foundation – accredited will writers, estate planners and probate practitioners.

How do you inform clients about estate planning and available options?

We start with a free will review and chat to understand their needs – like bloodline planning, asset protection, or inheritance tax.

We’ve also got transparent fixed fees for our documents. Basic wills are simple but might not cover everything. We’re here to protect what they’ve worked hard to achieve. And remember, every will is unique, based on individual needs and assets.

Give us some examples of how you positively impact your client’s lives.

Recently, we guided a client to employ a Deed of Variation. The result? Her late husband’s estate qualified for the residential nil rate band, a golden opportunity that wouldn’t have been there on her passing due to exceeding the thresholds. We saved her around £70k in Inheritance Tax (IHT). Now that’s a success story!

Often, clients worrying about paying more in IHT than they should is a common concern. While we can’t erase IHT, we ensure they claim every possible relief. Second marriages also bring extra considerations. Many parents worry about their children possibly missing out if their surviving spouse or civil partner were to remarry. Second marriages can also bring additional complexities and post-death disputes. It can all turn into a costly courtroom saga, heightened by the emotions of grief. We’re here to simplify things and ensure your loved ones are protected.

What makes GJ Estate Planning stand out in the estate planning industry?

Our personal and progressive approach to making a will and crafting personalised estate plans is at the heart of our initiatives. We’re not just about ticking boxes but empowering individuals to secure their legacies effectively.

Workshops are on our radar, creating a space to connect and share insights. An open-door policy for all client queries is paramount. It’s all about making estate planning accessible and empowering everyone while maintaining our commitment to service excellence.

Kerry Murphy is the Trusts & Estates Practioner at GJ Estate Planning. For advice and support in making a will or estate planning, call Kerry on 07833 207913 or contact the team at 01789 294 484. Please also feel free to connect with Kerry on LinkedIn.

Why do I need an estate plan, will and succession plan?

When protecting your legacy, estate planning, making a will, and succession planning form a powerful team. Together, they ensure a well-organised strategy for managing your assets, dealing with taxes, and securing the success of your personal and business affairs. This integrated approach safeguards your legacy, ensuring your wishes are carried out seamlessly. Let’s take a look in detail at each element:

Estate Planning: Creating a strategic plan to manage and distribute assets during and after an individual’s lifetime.
Wills: A legal document outlining how a person’s assets, debts, and personal belongings should be distributed after death.
Succession Planning: Identifying and developing potential successors within a company, ensuring a smooth transition of management and leadership.

Why does succession planning matter for your business?

Succession planning matters for your business because it seamlessly transfers leadership and responsibilities. Importantly, it maintains business continuity, minimises risks associated with unexpected departures and develops a strong leadership pipeline. Additionally, the process preserves corporate culture and knowledge, boosts employee morale, attracts top talent, and demonstrates preparedness to stakeholders. Ultimately, it enhances long-term financial stability. It confidently empowers your business to navigate future challenges, safeguarding your vision and values for sustained success.

70% of family-owned businesses fail to transition successfully to the next generation.
– Source: Family Business UK

The next step is crafting a detailed succession plan outlining roles, responsibilities, and timelines. You should engage current leaders, ensuring their commitment to the plan. Communicate openly with potential successors, addressing their aspirations and career paths.

Finally, implement the plan, monitor its progress, and adjust as needed. Regularly review and update the plan to adapt to changing circumstances. Consider external talent if required, and document the plan for accessibility and transparency. These strategic steps will pave the way for a seamless leadership transition and long-term success for your business.

Who should be involved in your succession planning?

The process involves a network of critical stakeholders, each playing a crucial role in shaping its success. Engage your current leadership team and human resources professionals to ensure expertise and alignment with strategic goals. Involving potential successors fosters open communication and aligns their aspirations with the company’s vision. Seek guidance from your board of directors or advisory board to ensure strategic alignment.

55% of family businesses worldwide do not have a formal succession plan.
– Source: Pw C

While talking to family members about this sensitive matter can be challenging, their involvement is vital for family-owned businesses. External consultants and legal/financial advisors bring valuable perspectives and expertise, objectively supporting the process and facilitating difficult conversations. By embracing the collective wisdom of these stakeholders, you can forge a resilient succession plan that secures your business’s legacy and nurtures its growth into the future.

When is the right time to start succession planning?

The right time to start succession planning is now. Don’t wait for uncertainties to arise; be proactive and empower your business’s future. Early planning ensures a smooth leadership transition, whether you’re a small business owner or leading a large enterprise.

Prepare your successors, develop a strong leadership pipeline, and instil confidence in your team. Embrace the present moment to secure a thriving future for your business, leaving a lasting legacy that withstands the test of time.

As a passionate business owner, your legacy deserves the utmost care and foresight. Succession planning is not merely a business practice; it’s a testament to your dedication to your business, employees, and loved ones. By embracing the power of estate planning and succession planning, you can empower your business to thrive for generations to come.

Take the first step towards securing your legacy by exploring the art of succession planning today. Contact our dedicated team, GJ Estate Planning, at 01789 294 484 to discuss your business’s unique needs. Together let’s craft a tailor-made strategy for your business’s continued success.