Why do you need a will ?
If you are in business that is likely to mean that you are hard at work building up a valuable business to look after you and your loved ones and provide a way of life. Life events affect work and vice versa. We would therefore encourage business owners to look at their personal planning to ensure that their wishes for their loved ones are just as well looked after
as their businesses.
Part of a business owner’s personal planning will probably include how the business is to be left, either on retirement or on the owner’s death, so that shares pass on to family members. Alternatively, owners may use a “cross-option” so that shares are bought by the company or the remaining shareholders so that loved ones are left with a lump sum instead of shares they may not know what to do with. If the business is not a limited company but a partnership, we can apply similar methods to ensure all eventualities are catered for.
If you don’t have a will in place, then the “rules of intestacy” kick in and this is not only a longer process for your loved ones to sort through, but also any discretion as to how your estate is dealt with evaporates. Effectively, the government’s rules will decide how your worldly goods, including your business assets, are divided up. From October 2014, it looks like this – and remember,“children” includes adopted and illegitimate children but not stepchildren:
Contact us for a free review of what you have in place or to discuss protecting yourself, your loved ones and your business from legal difficulties after you are gone.
Tiger Law makes compiling your will easy and quick with our online Wills Form. We walk you through all the questions you need to answer and, thanks to some clever tech, none of the ones that are irrelevant. Try it today – let’s face it, it’s never going to be a fun job but we think you’ll find it fast and friendly.