Wills for Business Owners
If you own a business, or even have shares in a business you need to think carefully about how best to handle your business assets in your will. You need to allow for inheritance tax whilst also considering the wishes of your family and others involved in the business, such as shareholders. With the right advice, you can balance all of these needs to create a will that works for you, your beneficiaries and your business.
Our specialist team advises clients in different languages on a wide range of legal matters. Call them on 0208 1111 911 or contact them through the website to discuss your circumstances with them.
How can I distribute my business assets in my will?
This depends on a number of factors, including your wishes for the business, the other people involved in the business, the value of the business (or your share of it) and the inheritance tax implications.
You may be happy to leave your business (if you own it outright) to your family, to continue a family business. This will have inheritance tax implications and we can advise on the most tax-efficient way to pass your business on.
If there are other shareholders in the business, you can make provision in your will for the existing shareholders to have first option on buying your shares. Many businesses have insurance in place so that in the event of the death of a shareholder, the remaining shareholders would receive a lump sum enabling them to buy the shares.
What other legal services might I need?
If you’re looking to arrange a will with us, we also recommend that you consider the following services along with your will:
- A Lasting Power of Attorney, to enable nominated people to make decisions on your behalf in the future, if you lack the mental capacity to do so through illness or injury.
- A Trust to help you distribute your assets tax-efficiently, or to leave money to children who are currently under 18.
- Will Retrieval & Storage to make it easy for your beneficiaries to track down your will
- Probate & Estates Administration to enable your executors to carry out your wishes
- Residential Conveyancing if your estate contains properties. Your executors may need legal support in transferring the ownership or selling the property.
How do I get advice on wills as a business owner?
Call us on 0208 1111 911 or contact us through the website and we’ll discuss your circumstances with you. We’ll arrange a time to speak to you in more detail, so we can recommend the right will for your needs. The initial call is free and we’ll advise you of our fees before you decide whether or not to instruct us.
