Having a Will for your business
The reasons why…
There are several reasons why you should consider having a Will for your business. Firstly, it is important to appoint executors, trustees and guardians to ensure that the correct people will inherit, at the right age, and dependent on any other circumstances.
But a simple Will may not be sufficient and therefore you may need a more comprehensive Business Will.
What will happen to my business?
If you make a will, you will normally be able to control what happens to the assets of your business, or your share of these assets should you die.
If you don’t make a will, the assets pass according to the “rules of intestacy”, which could mean that they are not dealt with according to your wishes.
Other factors include:
- Some businesses are required to cease trading on death. This could cause a huge impact on the value of the business, and ultimately mean that the beneficiary or beneficiaries could receive either little or no inheritance
- You may wish to appoint different people to oversee the business estate compared to your personal estate
- You will want to think about the implications of inheritance tax
By making a Business Will you are taking steps towards protecting your business against an uncertain outcome, please get in touch to discuss your requirements in more detail.
Contact Us About Your Business Will Needs
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