If you own a business, it is vitally important your will clearly defines what happens to your interest in the business should you pass away. Business wills are just as important as personal wills in ensuring beneficiaries are able to inherit your interest, your company can continue to operate and this is dealt with in the most tax efficient way.
IWC and our partners offer a wills service for company owners, to protect what happens to their interest in the event of death. IWC can also assist with partnership agreements and for Limited Companies we can also help with Shareholders agreement.
Fully Qualified Practitioners - business will drafting is undertaken by a full STEP member or Law degree certified professional.
Specialists - we are a specialist Will Writing and Probate company, fully conversant in current business, succession and inheritance tax laws.
Fully Insured - and Regulated by the Society of Will Writers & Estate Planning Practitioners, the Institute of Professional Will writers or the European Association of Willwriters
Fixed Fees - a fixed fee with no expensive hourly rates or added extras.
Free Consultations - available Nationwide, where we`ll visit your premises to discuss your business succession plans and recommend the appropriate will your business needs.
Free Help & Advice - Call us for questions relating to business and wills, we`re open until 10pm 7 days a week.
Protect your Interest
As a business owner, it is important to consider its financial stability and sustainability. Who will take over its day-to-day running and decisions? Is there anyone else able/qualified to perform your job? Could the business survive? Would it have to be sold? Can a business or interest be left to a relative?
The answers to these questions depend on the individual circumstances of the business and its owners. If you don`t make any provisions and have not considered a will, the people involved may suffer terrible consequences as a result.
You`ll need to be aware that certain restrictions may apply dependent upon whether the business is operated as a Sole Trader, Partnership or as a Limited company. For example in the case of a Ltd company, what happens may be pre-determined by the memorandum of articles. They could state that other shareholders have the right to buy out your interest. If you wanted a son or daughter to inherit your interest in the company this may not be possible.
Perhaps you are a Sole Trader and wish to leave your company to your son who works alongside you, and then divide the rest of your assets between your other children. Unless this is contained within a valid will, disputes can quickly arise where other children feel they ought to be entitled to a share in the family business too.
Inheritance tax is also an issue with businesses. Assume that your interest in the business will escape inheritance tax with 100% relief. Then say your current DIY will leaves everything to your spouse. If the Ltd. company articles say that the shareholders have the right to buy your interest, the money from your interest will become part of the estate for inheritance tax calculations, thus, could be subjected to 40% tax.
A Business will not only prepare for the operational issues in the event of your death but also consider the inheritance and capital gains tax implications.
IWC can help you to protect your business and your beneficiaries, call us for a quote, or to arrange a will consultation.