For business owners, the opportunity to continue their legacy after death is a major issue both from the point of view of preserving assets which they have built up and the emotional attachment to their company.
Having a business interest or shares has a real impact on how you should organise your estate planning. We work closely with the business advisors at Simpsons Solicitors. They are experienced in advising on issues such as Inheritance Tax, Business Wills and Trusts, Powers of Attorney, Shareholders Agreements and Cross Option Agreements. They help business owners to achieve their ultimate intentions, whilst leaving them to get on with what they do best, running their company.
No-one goes through the effort, risk, and perhaps sacrifice of starting a business without hoping it will last, or that their loved ones will benefit. Simpsons can identify and mitigate any issues that may ensue when a business owner is no longer at the wheel or part of the ensemble.
Planning for the future
By carefully planning for the business succession (or disposal) on death or incapacity, relieves what could have been a catastrophic effect on the people that matter. An integral part of the Business Wills department is balancing the business needs and the family concerns to provide a solution that ensures the business and family prosper together, in the most tax-efficient way.
The department looks after all types of company structures; whether it be sole traders/one-person limited companies, family run businesses or businesses with multiple partners/shareholders. The aim is to guarantee a) a client’s legacy isn’t left to chance, and b) any wealth is preserved for future generations.
The service provided by Simpsons Solicitors includes a review of your Wills etc. every year/2 years, depending on the circumstances. This is because the law changes often and personal and/or business circumstances change over time. You may change the nature of your company, bring on the next generation as partners/shareholders, start to plan for business growth or your exit strategy; and all are cases which require a review of your legal documents.
This guest article was written by Lauren Bailey, Business Wills Manager at Simpson Solicitors.
January 28th, 2020