12 Sep 2022

Can I leave my business in my Will?

As a business owner, what you leave behind to loved ones and those close to you after your death may be more complicated than first imagined.

With more assets, and in different areas from the more straightforward Wills, it can seem a daunting prospect considering how to handle your business affairs after your death, with Wills and Lasting Power of Attorney just two considerations.

However, with the support and guidance of Will writing professionals, like the team at Winns, they can ensure your wishes are set and carried out when the time comes.

How does it work when a business is involved?

Essentially, the business itself – depending on your ownership position and rights – acts as one of your assets and can be transferred through a Will and given to the people you choose as per your wishes.

Consider your position in the business?

It is important to understand your role in the business and the implications it can have on succession planning. Some scenarios are more straightforward than others; if, for example, you’re a sole trader then the assets of the business and those associated with it can be left as part of your estate.

If you’re a partner in a business, with other business partners involved, then it can become more difficult as there’s a probability you entered into a partnership or shareholders agreement which will, legally, decide what happens to your shares when the time comes.

It’s important to check what this agreement says so you’re fully aware of what happens to your business interests when you die.

Tax issues

By using the skill and experience of a Wills, Probate and Trust department such as the one at Winns, you primarily ensure your assets go to the people you want to have them. But, and of similar importance, there is also the need to address tax concerns that may be associated with your assets. Depending on your circumstances and the values involved, the issues can be complex.

Why talk to Winns?

Considering the above potential implications, and the obvious desire to maximise the value of the estate given to those you wish, it would be beneficial to rely on a dedicated team of Wills, Probate and Trust specialists. Winn Solicitors has a team ready to help. Led by Rebecca Harbron Gray, who has over 15 years of experience in the field, they provide a methodical, diligent, and knowledgeable service that gives peace of mind that your wishes are carried out, are legally compliant, and less likely to be challenged after your death.

Don’t leave it to chance, call the Winns Wills, Probate and Trust team today.

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