Wills and LPA for Business Owners

Future financial planning is an important part of any business owner’s thought process, before and after they pass away.

The need for a strategic plan for future financial matters ensures a strong outlook for the company they lead, as well as ensuring stability in the long run.

After working hard throughout a lifetime to help mould a business into a successful operation, ensuring its longevity after you’re gone and even to preserve the business for your family is just as important as the running of it in the present.

That’s why Winns can help to create a Will focused on concise wishes, legally binding instructions and the peace of mind that comes with knowing your company is in safe hands when you pass away.

I had been putting off writing my Will for some time as I thought it would be time-consuming and difficult. After losing my husband unexpectedly at just 50 I knew I needed to make my Will now. Rebecca made the process effortless. I wish I had done it ages ago.

Maxine

Why is it important to have a Will in place?

A Will provides the reassurance and confidence that, upon your passing, your wishes are catered for in terms of finances, meaning the future is moulded by you. You can leave specific financial gifts and elements of your estate to people you want to receive them or be in control of.

Especially if you’re a business owner, the need for clear wishes and directives for a complex, and potentially large, estate provides clarity and reduces the risk of stress and hassle associated with finances when people are mourning the loss of a loved one. There shouldn’t be legal wrangling over finances during this time but, unfortunately, and all too often, estates of value tend to be argued over as those with interests vie for their share.

Get in touch

What happens to your business after you die?

If you don’t have a valid Will in place then your business can end up in the hands of someone you may not have chosen to take over the mantle.

It could end up with someone who has no desire to be involved, so may seek to sell quickly and get it off their hands, or someone inexperienced and ill-prepared to manage the affairs of the company, potentially putting the longevity of it at risk. It could also land in the middle of conflict if multiple partners are vying for control.

Either way, a damaging uncertainty is created which may well be detrimental to the stability and security of your company.

Can’t thank Rebecca for the quick and easy probate from start to finish. Extremely professional and so helpful and friendly. Nothing was a bother. Made a difficult time an easy transition. Highly recommend to anyone to use.

Nicola

What happens if I want to pass on shares or business interests?

You can pass on shares or business interests to loved ones, or trusted colleagues. However, there will be the need to factor in the stipulations of any relevant business partnership agreements, articles of association or shareholders’ agreements, if they exist. This could limit your ability to simply transfer to someone else.

Why does owning a business make my Will different?

It provides a layer of complexity to matters, due to the potential value of it, the size of the estate as a result of its inclusion and the requirements for naming those who will be involved in the future planning of your business.

When creating your Will with a business involved, you will more than likely have a preferred candidate in mind to take over the day-to-day running of the business, and for the role of decision-maker in terms of the future direction of the organisation. These are critical appointments and ones we’re sure you wouldn’t want to leave to chance.

If your company has other partners or directors on board, choose them wisely so you know the company is being managed by the best people for the role.

Give your company the best chance of success following your passing and create a Will today.

Start the process now

Rebecca from Wills and Probate was the ultimate professional: polite, considerate and efficient when dealing with sensitive family issues.

Josie

Is LPA an option for business owners?

Yes, absolutely. It can be an incredibly useful part of your future planning. By having a valid Lasting Power of Attorney, you have that knowledge and security that you have assigned responsibility for making hugely important decisions on your behalf, should you be incapable. These can be health and welfare matters and, essential for business owners, matters of property and financial affairs.

An LPA, containing your specific wishes, allocates decision-making roles to those you trust, ensuring the business keeps moving in the right direction should an accident or illness leave you unable to perform your duties as head of the company.

How can Winns help?

Winns has a dedicated Wills, Probate & Trusts department that focuses specifically on financial future planning and packaging the express wishes of our clients into a legally binding document that provides clarity and certainty following a death.

Relying on decades of experience in the sector, and headed up by respected solicitor Rebecca Harbron Gray, the team are meticulous, diligent and empathetic in dealing with sensitive issues while focusing on delivering on the client’s wishes.

All business owners should have a Will in place. Get yours sorted today by calling our team.

Call now