IWC are regulated by the Society of Will Writers and Estate Planning Practitioners

 

Do you own a business? Have you made a Will? Have you clearly defined what should happen to your business if you pass away?

 

If you own a business it is vitally important your will clearly sets out what happens to your interest in the business should you pass away. Often family disputes quickly arise between a surviving spouse and siblings if perhaps one of your children work in the business and others do not. This will quickly lead to a claim against the estate. This sort of dispute will almost certainly have terrible consequences for the business.

If you have a business your Will must be written so as to concur with the memorandum of articles for the business. Many people set up their business and sign and agree the articles with their business partners. Many years later when the business is a success the business owner will make a cheap will or a DIY will but were the articles for the business ever read before drafting the will? Maybe the articles state that other shareholders have the right to buy out your interest in the business. Perhaps your will says something different. If your business is a success and growing it may just be that your family do not want to sell your interest in the business.

Inheritance tax is also an issue with a business, it may be that your business qualifies for 100% relief. In other words your interest in the business will escape inheritance tax (assuming relief is 100%). If your cheap DIY will leaves everything to your wife/husband and the articles say that the shareholders have the right to buy your interest in the business, this will mean the money from your interest in the business will become part of her/his estate for inheritance tax calculations. This could mean that when she/he passes away 40% of the money she/he received would be taxed. All this because you saved a couple of hundred pounds in life writing a cheap DIY will.

 

If you would like a no obligation consultation with regards will writing and business planning please call us on 0845 600 3527.

 

 

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