Regarding your future and your loved one’s future, it is worth considering as a Business Owner, what if the worst should happen if either you or a business partner were to die.
After a lifetime of hard work and dedication towards your business, the last thing you want is to lose it all on a whim. Naturally you will want to ensure that any financial reward or asset is passed on to your loved ones, resulting in your family being provided for, in the event of your death.
Without sufficient details outlining your valid Will, your share or your business partner’s share would be subject to the Laws of Intestacy. The person who inherits any assets or belongings, may not be the person you intended to receive this.
As a partnership, would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? As a result, there could be a major impact on the running of the business or the value of the business with an important cog in the company no longer around to make such decisions.
It’s worth knowing the these appropriate Business Succession strategies for the future:
- Your spouse / partner and children may not inherit your share of a business.
- Business partners may not be able to buy out the deceased’s share.
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business would depreciate owing to the inexperience of any beneficiary
- The business may have to be sold and the proceeds become liable to Inheritance Tax.
At Will Protect, we’re able to manage your estate in a clear and professional manner you may require, using our experience to preserve your business assets for your family instead of landing in the hands of the Government.
By using financial tools such as trusts, where appropriate, we can ensure that you and your family get the maximum financial benefits, even before you die.
Today you can start putting the wheels in motion when it comes to protecting your assets, your family and yourself. Call Will Protect today on 0345 894 8441 or alternatively you can email us firstname.lastname@example.org.