Business Wills & Estate Planning
As a business owner, shareholder or key person, you may find that things get complicated when writing your business will or planning your estate. With business wills, effective writing and planning can help make sure who inherits your shares or estate when you pass away, preventing your business interests from passing to someone unsuitable or someone who is ill-equipped.
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- You can ensure that your estate is secure and left to the right people
- Succession planning, securing your children's future
- A clear plan for your business assets
- Piece of mind that your affairs are in order
- Considered business estate planning
Find out how to secure your future and reduce your inheritance tax liability
Arrange A Will And Estate Review Today Risks Of Not Having A Business Will
72% of widowers under the age of 50 go on to meet a new partner and remarry. In this event, the £1 million you may have left as life insurance now becomes a joint asset with their new partner, and should your spouse die, it could all end up in the hands of their new husband or wife. This event could affect your plans to ensure your children are looked after or receive an inheritance.
The Simple Solution
The great news is that this is easy to resolve with a will, estate plan and trust structure. Our team will create a business will for you, with a trust attached, giving you full control over how your assets are distributed. This detailed expression of wishes not only protects your inheritance but also empowers your bereaved spouse as they will know exactly what you intended to happen in the event of your death.
Lasting Power of Attorney (LPA)
A business will sets out your wishes in the event of your death; however, if you become incapacitated but don't die, this could leave your family and your business highly exposed. Who should sign off on decisions that need to be made? Who can pay the wages from your company?
These questions are often overlooked but are a massive risk for most people, especially business owners. Having an LPA solves all of these risks and ensures that a trusted person can make these decisions for you if required.
Benefits of a Trust
Alongside a business will, leaving your assets into a trust for your family's benefit has many advantages and is very easy to set up and manage. A family trust can allow your family to use the funds and assets, while keeping them protected from third parties if your spouse remarries after your death. It ensures that your estate passes to the people most important to you and that your wishes are met even after your death.
Trusts are very easy to set up, and our staff can advise you on the best options and features to suit your family's needs.
Inheritance Tax Free Business Assets
Did you know that in the UK, limited company shares in a business that has been trading for over two years and is not listed on a stock exchange are inheritance tax free? That means your business assets can pass from you to your family or other beneficiaries tax-free in the event of your death. To find out if your business qualifies, contact our estate planning team. We can offer you a free business will and estate planning appointment over the phone and tell you exactly what inheritance tax exposure you have, if any.
Bereavement Service
As part of our service, we also offer bereavement support. In the event of your death, your spouse will have access to one of our FCA-regulated financial planners, who will not only explain how to claim life insurance, but also discuss your intended plans for the policy. They can also provide guidance on how to invest the funds in a way that ensures their long-term security. We are here to support you and your family, every step of the way.
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Bereavement Service
As part of the service, we also offer bereavement support. In the event of your death, your spouse will have access to one of our FCA-regulated financial planners, who will explain how to claim life insurance and discuss your intended plans for the policy. They can also guide investors on how to invest funds in a way that ensures their long-term security. We are here to support you and your family every step of the way.
Finalising Your Plan
You've done the hard work by putting the right insurance in place, so completing this work with a secure business will and trust structure will give you the peace of mind that your family will be fully protected now and in the future.
Arrange a free business will review with us today to find out how to secure your business and personal future and reduce your inheritance tax liability.
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