BUSINESS OWNERS WILLS
What Happens To Your Share Of The Business When You're Gone?
Many business owners assume their Will only affects their family.
In reality, what happens to your shares, partnership interest or business assets can have a significant impact on surviving owners and the future of the business itself.
Without careful planning, your business interest could pass to beneficiaries who have little involvement in the business, creating uncertainty, delay and unnecessary conflict.
At Trafalgar Estate Planning, we help business owners ensure that their personal wishes, business succession plans and wider estate planning work together.
Because protecting your family should never come at the expense of protecting the business you've spent years building.
WHY A BUSINESS WILL MATTERS
A Business Will is far more than simply deciding who inherits your estate.
It can determine what happens to your:
Shares
Partnership interest
Business assets
Ownership rights
Future succession plans
Without proper planning, your business interests may pass in ways that create uncertainty for your family, fellow owners and the business itself.
A carefully drafted Business Will helps ensure your business interests pass in accordance with your wishes whilst working alongside your wider succession arrangements.
WHAT CAN HAPPEN WITHOUT A BUSINESS WILL?
When a business owner dies unexpectedly, surviving owners can suddenly find themselves working alongside beneficiaries who have little knowledge of the business.
Without suitable planning:
Ownership may pass to unintended beneficiaries.
Business decisions can become more difficult.
Relationships between family members and business owners may become strained.
The future direction of the business may become uncertain.
Business succession should never be left to chance.
HOW A BUSINESS WILL HELPS
A properly drafted Business Will can help:
✓ Protect your family's interests.
✓ Protect your fellow business owners.
✓ Support long-term succession planning.
✓ Work alongside Shareholder Agreements and Partnership Agreements.
✓ Help reduce uncertainty following death.
✓ Ensure your wishes are carried out as intended.
Every business is different.
The most appropriate solution depends upon the ownership structure, the people involved and your long-term objectives.
BUSINESS SUCCESSION IS ABOUT MORE THAN A WILL
A Business Will forms one part of a much wider succession strategy.
Depending upon your circumstances, you may also wish to consider:
• Shareholder Agreements
• Partnership Agreements
• Cross Option Agreements
• Business Protection Life Assurance
• Succession Planning
• Business Property Relief
Together these can help ensure your business continues exactly as you intend.
RELATED
SERVICES
Protecting your business and property portfolio often involves several areas of planning.
You may also wish to explore:
→Business Owners & Property Portfolio Planning
Joined-up planning for business owners and property investors.
→ Business Lasting Powers of Attorney
Protect your business if you're unable to make decisions.
See how joined-up planning has helped other business owners and property investors.
LET'S PROTECT WHAT YOU'VE BUILT
Whether you're a sole trader, company director, shareholder or partner, your Business Will should form part of a wider plan that protects both your family and the business itself.
