Where there’s a Will, there’s peace of mind.
What do Picasso, Jimi Hendrix, and Abraham Lincoln all have in common?
You’re probably thinking, not much. But they do, in fact, have one big thing in common. They all died intestate—which means they died without having a will.
As living creatures, the sad, but brutal truth, is that we all have a limited time to enjoy all that life has to offer. Before our time is up, we have a moral obligation to ensure our affairs are in order so that our loved ones can carry out our final wishes through a Will.
A Will provides clarity, formality and a legal structure. Without a Will you have chaos, potentially family arguments, a dramatically extended legal process and payment of unnecessary inheritance tax.
There’s still a widespread reluctance to write a Will among the UK population, with many adults never having written one. The IRN Wills and Probate Research Report carried out in 2020, found that fewer than 4 in 10 adults in the UK have made a Will. This came as a surprise to experts, who at the time predicted that the global pandemic would encourage greater awareness and action around Wills and estate planning. However, statistics show that there was only a 1% increase in Will-making between 2019 and 2020.
Although the number of adults with a Will increases with age, the majority of those in the 18-34 age range still don’t have a Will, mainly because they don’t think they have anything of value to pass on and it’s seen as ‘socially acceptable’ to not have a Will as the majority of others don’t have one either.
Dying without a Will presents many challenges to bereaved families as the intestacy rules often don’t reflect the wishes of the person. Cases where married and civil partners inherit cutting children and other intended beneficiaries out of the inheritance are all too common. Family feuds can also be avoided with the presence of a Will, as can a huge inheritance tax bill (in conjunction with the use of Trusts).
Please don’t read this article and think – yep, I should really get around to it. You won’t any time soon. You will stay in the majority. You will make a cup of coffee. You will look at your emails. You will hop onto social media – in fact you will do anything other than act.
You can start the process here and get looked after by our dental specialist Will writers. Whilst we would love you to work with us to create your Will, our priority is that you get it sorted from wherever – only then will you have peace of mind.
Practice - London
Practice location: This practice is located in the Home Counties region and is located on a busy high street of a market town, which has excellent rail and road links and home to many a commuter. It was established over 50 years ago and is being sold as a leasehold with a new 15-year lease in place.
Practice type: This is a six surgery mainly NHS practice and is being sold to facilitate the retirement of the current principal. The practice is housed in a two-storey purpose built building and has been very well maintained.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £650,000 per annum and the NHS-GDS contract has a UDA rate of just over £33.00 per UDA, 15% of the income is generated from private work. The income is generated by the principal working five days a week, three associates working a combined 7 days a week and two hygienists working a combined four days a week. They are supported by a full-time practice manager, a full-time nurse/receptionist, and three full-time and one part-time nurses.
Price achieved: A price of £1,350,000 was achieved which was slightly in excess of the asking price.
Agent's comments: This practice has been owned by the current principal for 20 years and he has a genuine sadness about selling the practice. However, after initial doubts and when he met the incoming principal, he realised it was time for him to move and knowing his team and his patients would be well looked after by the incoming principal. And, he has now decided to stay on post completion as he thinks he will enjoy the new regime.
Number of people looking in the area: 2,986
Practice - Surrey
Practice location: This practice is situated in Greater London and is located in a popular London Borough which has a population in excess of 35,000. The practice has been established over 70 years and has been under the same ownership for more than 30 years.
Practice type: This is an incredibly well-established mixed income, three-surgery practice that is being sold to facilitate the retirement of the existing principal. The practice occupies a prominent two-storey previously residential property which is very well appointed and is being sold as a leasehold with a new 15-year lease being created.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £500,000 per annum. The gross has been generated by the principal working 4 days a week, and three associates who work a combined 6.5 days a week, and a hygienist working one day a week. They are supported by a full-time practice manager, and one full time nurse/receptionist and two part time nurses. The last set of accounts showed staff costs in the region of £100,000 per annum.
Price achieved: A price of £1,000,000 was achieved which was slightly higher than the asking price.
Agent's comments: This practice proved to be very popular, not just the location but the mix of the practice and the local reputation in the area which cannot be bought! The existing principal has looked after several generations of families and will genuinely miss his team and his patients once he retires.
Number of people looking in the area: 2,237
Practice - Greater Manchester
Practice location: The practice has been established for over 80 years and is situated in a busy town, minutes away from the centre. There are numerous new housing estates and supporting infrastructure nearby and access by road and rail is exceptional.
Practice type: This is a four surgery mainly mixed practice, being sold as a freehold. It is located in a semi-detached property and is very well presented. The sale is to facilitate the retirement of the principal.
Practice financials: The gross fee income is in the region of £750,000 and 70% of the income is generated by a NHS-GDS with just over £33.00 per UDA. The income is generated by the principal working three days a week, and three full time associates and a hygienist working four days a week. The team are supported by a part time practice manager, and five full time nurses/receptionists. The staff costs in the last set of accounts are in the region of £185,000 per annum.
Price achieved: A price of £1,500,000 was achieved which was in excess of the asking price.
Agent's comments: The existing principal had been reluctant to add to the patient list as he was considering selling before Covid and put his exit strategy back by a couple of years. As a result of this, there has not been any active marketing for several years. The incoming principal had previously owned a practice but had sold it to relocate to this area. He has the ambition and ability to develop this already profitable practice.
Number of people looking in the area: 987
Practice - North London
Practice location: The practice is based in an affluent suburb of London and has been established for over 30 years. This area, like many London Boroughs has gentrified over the years and there is now a lively and cosmopolitan community.
Practice type: This is a five surgery, mixed practice which occupies a shop fronted ground floor of a semi-detached property. The practice is very well presented and is being sold as a leasehold with a 15-year lease which has 12 years remaining.
Practice financials: The gross fee income from management information for the past 12 months is in the region of £900,000 of which 70 % is private and 30 % is NHS with a UDA rate of just above £33 per UDA. The income has been generated by the principal working two days a week, five associates working a combined 12 days week, four visiting specialists with one working at least one day a week and a hygienist working three days a week. The team are supported by four part-time receptionists and eight part-time nurses. The staff costs are in the region of £190,000 per annum.
Price achieved: A price of £1,950,000 was achieved and was slightly in excess of the asking price.
Agent's comments: This practice is of significant size and the seller expected he would have to sell to a corporate. However, as is our policy, by going to the open market we attracted an established practice owner who was keen to expand his portfolio and strategically this was an almost perfect fit.
Number of people looking in the area: 2,720