Creating a will is crucial for business owners, ensuring your assets and business interests are passed on as you wish. It provides clarity for your loved ones, prevents potential disputes, and safeguards the future of your business. Without a will, your estate, including your business, may be handled according to the law, which might not reflect your desires. A Will with a Business Relief Trust is available for a single person at £699 or for a couple at £849.
Your business is part of your individual estate. Any assets (buildings and equipment) will go to the beneficiaries of your Will or pass under the laws of intestacy if you do not have a Will. If you want to, you can gift the assets of your business to a named beneficiary
Without a formal agreement in place your partnership will dissolve automatically on death. A partnership agreement clarifies what you and your partner would like to happen on the death of either of you and how the assets should be valued.
Both have their own legal identity which continues after your death. The articles of association should state what happens to the shares in the business following the death of any person. Unless restricted by the articles you can leave your shares directly to a beneficiary in your Will or you can leave them to a trust.
As a business owner, a standard will might not address your unique needs. A specialised will ensures your business interests are protected, succession plans are clear, and your personal and professional legacies are preserved. It’s an essential step in securing your future and providing peace of mind for your loved ones and business partners alike.
We’ve answered some frequently asked questions about Wills for Business Owners. If you don’t find what you’re looking for or need tailored advice, our team is here to help.
Proper planning including Wills, business LPAs, shareholder protection and cross option agreements facilitate the sale of the deceased’s share to the surviving business owners, ensuring the deceased owner’s family is financially supported and the business continues.
A Business Property Relief Trust is added to your Will to receive that share of the business or the proceeds of the sale. As the business has not been left directly to your spouse, the value of the Trust does not form part of their estate when they pass away. This ensures that the maximum inheritance tax relief is available to the estates. The assets of the Trust are protected from future financial issues or re-marriage of the spouse.
Protect your business and personal legacy by drafting a will tailored to your needs. Contact us today to explore your options and take the first step towards securing your business’s future and your family’s peace of mind.
We’re looking forward to helping you get your estate planning sorted.
Don’t worry if you’re not sure where to start. We’re here to guide you through the process.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
The guidance and/or information contained within this website is subject to the regulatory regime of England and Wales and is therefore targeted at consumers based in the England and Wales only.
Customer service email address: admin@lamond-wills.co.uk.
Return policy: You have a right to cancel any agreement within 14 days by emailing the company using our customer service email address above.
© 2024 Lamond Wills Ltd Registered in England & Wales, No. 12618945.
Registered Office: 85 Great Portland Street, First Floor, London, England, W1W 7LT.
