Estate Planning for Business Owners

Understanding what will happen to your business when you die is essential for you and the people who depend on it. Your business may be one of your most valuable assets.

What happens to my business if I die?

Sole Trader – Your business is not separate
from you as an individual. Any assets used in
your business (such as equipment) will go to the
beneficiaries of your will or surviving relatives
under the rules of intestacy if you do not have a
will. You can make a gift of specific assets used
in your business if you want a named beneficiary
to inherit these.

Partnership – Unless there is a formal
partnership agreement in place, your partnership
will automatically dissolve on death. Having a
partnership agreement enables clarity over what
you and your business partner would like to
happen to your shares on death and how this
should be valued.

Limited company – Your business has a legal
identity, so it will continue to exist on your death.
The articles of association may specify what will
happen to the shares of your business. If the
articles do not restrict this, you can leave the
shares directly to beneficiaries of your will or
via a trust. A similar situation applies to Limited
Liability Partnerships.

The Team at Standford Legal have prepared an excellent PDF Resource to help with Estate Planning for Business Owners. View and Download the document below.

Key Things to Consider 

• Do you have an up-to-date will?
• Who will inherit your business?
• How would this affect your family, surviving business
owner/partners, employees?
• Do you have adequate shareholder protection in place?

Could you do with some FREE, sound advice on:

• Writing a Will – What do I need and how much does it cost?
• Creating Lasting Powers of Attorney – If I was incapacitated who can act on my behalf?
• Property Protection Trusts – Can these really save Care Home Fees?
• Pre-Paid Funeral Plans – With so many to choose from how do I decide which plan is best?

There is so much confusion on these vital areas of estate planning, that sometimes just a chat with an expert in the field can clear up misunderstanding and set out the way ahead, without all the legal jargon.

Steve Worsfold
Affiliate Member of the Society of Will Writers
Advising on Wills/Trusts/Probate/Powers of Attorney

Mobile: 07734 744886
Office: 01903 533681
Email: steve@sussexwillwriters.co.uk
Website: www.sussexwillwriters.co.uk

Protecting What’s Precious to You,
Now and in the Future

Sussex Will Writers is proud to support Dementia Friends,
an initiative of The Alzheimers Society

Our business is certified ‘Safe to do business with’ and ‘Code compliant’
by the UK’s largest regulatory body for Will Writers, The Society of Will Writers.
Steve Worsfold has been an Affiliate Member of the Society for 15 years.