Apr 22, 2026 · 15 min · 12 segments
In this episode, brought to you by Wesleyan Financial Services, Carly Millan Page, Business to Business Account Manager talks to Wesleyan Financial Services Specialist Financial Adviser Graham Hutton…
It's one of these topics that gets pushed back on the agenda for everyone on a day to day basis, particularly where you're running a business.
For dentists and practice owners, estate planning is crucial because they often have different layers of assets.
they maybe have the limited company that it runs through and they might have a partnership with a limited company and they have different streams of income from the NHS and the private work and then over and above all of that they have kind of personal assets and assets held among their family as well so their own property investments So without kind of looking at that in the whole and getting some clear planning in place around wills, powers of attorney, looking at the business documents, your shareholders agreements, if there are third parties involved, there's a real risk of disruption to both the continuation of the practice if someone's unwell or passes away, but also their family if something happens to them.
And you want to kind of make that as seamless as possible, but it gets often pushed to the back with the day-to-day pressures of running a business.
And I suppose many dentists don't realise how intertwined their personal and business assets actually are.
I mean, usually the practice or the business is the most valuable asset that a dentist would own if they do own it alone.
And decisions around ownership, how that should continue, how at all it should be inherited by the family if something happens to them.
you have to look at that in conjunction with their personal estate because there's two issues at hand one is the succession of their interest in that but if they have a business partner involved as well we also have to look at how does that business continue on but their family are fairly compensated for their interest in it
absolutely so it protects everybody and in terms of through the financial lens Graeme What makes estate planning so critical for dentists in particular? As
Chris has already alluded, dentists typically have quite complicated financial structures.
Most have a mix of whether it's NHS pension, private pension, life cover whether it's inside or outside the business, investments, investment portfolios and of course as Chris alluded, the most valuable asset most have is whether it's the business and the practice buildings.
When we look at estate planning, we always consider questions like, how do you protect the family financially? How do we minimise tax, especially inheritance tax? And as Chris already alluded to, what happens to the practice if the owner dies or becomes incapacitated? Is there liquidity to pay tax or buy the partners out? And actually, has succession planning actually even been considered? So these discussions are deeply connected to the legal side.
you know, whether it's if your will or business agreements aren't aligned with your financial planning, you can unintentionally create tax efficiencies and leave the practice vulnerable.
It's one of these topics that gets pushed back on the agenda for everyone on a day to day basis, particularly where you're running a business.
For dentists and practice owners, estate planning is crucial because they often have different layers of assets.
they maybe have the limited company that it runs through and they might have a partnership with a limited company and they have different streams of income from the NHS and the private work and then over and above all of that they have kind of personal assets and assets held among their family as well so their own property investments So without kind of looking at that in the whole and getting some clear planning in place around wills, powers of attorney, looking at the business documents, your shareholders agreements, if there are third parties involved, there's a real risk of disruption to both the continuation of the practice if someone's unwell or passes away, but also their family if something happens to them.
And you want to kind of make that as seamless as possible, but it gets often pushed to the back with the day-to-day pressures of running a business.
And I suppose many dentists don't realise how intertwined their personal and business assets actually are.
I mean, usually the practice or the business is the most valuable asset that a dentist would own if they do own it alone.
And decisions around ownership, how that should continue, how at all it should be inherited by the family if something happens to them.
you have to look at that in conjunction with their personal estate because there's two issues at hand one is the succession of their interest in that but if they have a business partner involved as well we also have to look at how does that business continue on but their family are fairly compensated for their interest in it
absolutely so it protects everybody and in terms of through the financial lens Graeme What makes estate planning so critical for dentists in particular? As
Chris has already alluded, dentists typically have quite complicated financial structures.
Most have a mix of whether it's NHS pension, private pension, life cover whether it's inside or outside the business, investments, investment portfolios and of course as Chris alluded, the most valuable asset most have is whether it's the business and the practice buildings.
When we look at estate planning, we always consider questions like, how do you protect the family financially? How do we minimise tax, especially inheritance tax? And as Chris already alluded to, what happens to the practice if the owner dies or becomes incapacitated? Is there liquidity to pay tax or buy the partners out? And actually, has succession planning actually even been considered? So these discussions are deeply connected to the legal side.
you know, whether it's if your will or business agreements aren't aligned with your financial planning, you can unintentionally create tax efficiencies and leave the practice vulnerable.
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