Why you need a Business Will

There are lots of good reasons for making a Will, it means that your family know your wishes, you can appoint the people you want to wind up your estate  (Executors and Trustees), you can appoint Guardians to look after your children if you are not around anymore and you can ensure your beneficiaries inherit your estate and at an age when is right for them and their circumstances.

For a business owner though, a simple Will is not enough. The reason being:

• If ‘you are the business’ i.e. you are a sole trader or work entirely alone, the business will cease trading on your death, often rendering the business worthless. This may mean that your beneficiaries could receive little or no inheritance.
• You may have a business partner or co-director. Thought needs to be given as to whether they would want to continue running the business without you and options need to be written into your Will to reflect this.
• It is often wise to have different Executors to those who are administering your personal estate; businesses can be complex things and it may be prudent to appoint an Executor who understands your business.
• If your business is valuable, there could be tax issues that need to be dealt with differently from your personal estate.

Get advice from our professionally qualified estate planners on business trusts and business property relief.

When social distancing isn’t in place, our experts can meet you in person if you’re in the north of England – Newcastle, Sunderland and Durham; south – Kent or Devon; or in Wales… otherwise we offer online and voice meetings. Just get in touch on 07748002662 or email us at vanessa@tlbplanning.itcscloud.co.uk.