We all know the importance of writing a Will to preserve, protect and pass on our wealth but did you know that if you have a business, a share in a business or a ‘business interest’ then you should consider estate planning seriously.
Not having a business Will in place could mean that your business could pass to someone who has no interest in running it, or could pass to someone who has no idea as to its value.
Putting a business Will in place means making provision for the business and to provide instructions as to what you would like to happen to it, who should run it, and how it should be run.
There are of course different business ownership structures and advice would have to be specific to this.
The term ‘business Will’ is also one which causes confusion. Your business Will isn’t a separate document. We simply make provision within your Will for the distribution of business assets or interests.
Your commercial estate planning enables you do a number of things including:
- Allowing business partners to buy the shares in the business
- To provide instructions on how the business should operate
- To make financial provision for loved ones
- Leaving business interests in a trust for specified beneficiaries
The way in which you pass your business could incur tax and in appointing us to support with advice relating to your estate planning could mean we mitigate such tax.
All of our consultations start with a conversation. Simply send us some information about your business, the business structure, what planning, if any is in place and what provision you would like to make.
We can then provide you with a written quote.
