Whilst it is important for everyone to make a Will, for business people it is essential!
When taking instructions from you I am in a position to review your business and the family dynamic. This allows me to not just put in place appropriate Business Wills, but also to do Succession Planning for your business.
If you have worked for years to build up your business there is no way that you want any of the following to happen:
• Problems on retirement.
• Issues about treating family equally and fairly when one child is in the business and your other children are not.
• People leaving the business.
• Losing control of company shares.
• Unsuitable people becoming involved in the business on the death of a director/shareholder/partner.
• Inheritance tax being chargeable resulting in the business having to be sold!
In most cases all these issues can be resolved, with solutions that can be put in place well ahead of time. You can ensure that:
• Plans are in place if you want to take a back seat.
• Shares can only be sold within the business.
• Provisions are in place for your death and the death of directors/shareholders/partners.
• Only designated people can continue to work in the business.
• Inheritance Tax can be mitigated (Business Property Relief can be 100% in some cases).
If you own a business of any type, please contact me for an informal no obligation discussion.