Choice Wills When we talk about risk to a business, one of the things that is often overlooked is what happens to your share of your business should you or a fellow Director/Partner dies. There are many things that can be put in place to protect individual shareholders and the company itself, such as Share Protection insurance utilising a Cross Option agreement, however one of the most basic requirements is a correctly worded Will. It is estimated that over 27 million adults in the UK do not have a valid Will; this is a problem for most people but can be catastrophic for Directors and Owners of businesses. At the most basic level a Will ensure that a persons assets are distributed to whom they choose, without a Will a person dies 'Intestate' and the state decides for them. At a more sophisticated level, adding a Business Property Relief Trust to a Will offers a wide range of potential benefits to business owners. A relevant business would qualify for 100% Business Property Relief and is likely to be exempt from Inheritance Tax. It may be prudent therefore for some or all of your business assets to be passed to beneficiaries who are not themselves exempt from Inheritance Tax, i.e. ones husband or wife. By setting up a Trust in a Will allows your Trustees to deal with your business assets in the most tax efficient way. The potential beneficiaries of the Trust could include your husband/wife, your children and grandchildren. Choice Wills are a specialist Wills and Estate Planning company who can help you prepare your Will to ensure that both your personal and business affairs are put in order. Choice Wills are a member of The Society of Will Writers Visit the Choice Wills website... |
