A focus on Wills - Get your business in order

Welcome to the sixth blog of our comprehensive blog series that delves into the intricate world of Wills and estate planning. In this thoughtfully curated collection, we aim to demystify the complexities surrounding Wills, offering insightful guidance and expert advice. Whether you’re a first-time planner or looking to revisit your existing arrangements, join us on this journey as we explore the crucial aspects of Wills, from understanding the legal nuances to practical tips on effective estate management. Our series is designed to empower you with the knowledge needed to make informed decisions about the future, ensuring your wishes are respected and your loved ones are well taken care of. Let’s embark on this enlightening exploration of Wills together.

Business Assets 

Business people are busy people who focus a great deal of their time and energy in planning and building business success.  But what happens to the business should the owner pass away?  Business assets often form a large part of an individual’s estate, and, the death of the business owner can impact not only their family, but also co-owners, employees, shareholders and more.  A properly drafted Will is essential to avoid unpleasant surprise outcomes.  A few things to consider:

1. The structure of the business. Sole-trader, partnership or limited company?  Check the terms of any Partnership Agreements, Articles of Association, Shareholders Agreements and more.
2. A family business? Potential for competing claims?
3. Inheritance Tax liability? Tax reliefs?  Important to speak with your accountant.
4. Employees and/or creditors due to be paid?
5. Cash poor but asset rich?  Children in Scotland can claim legal rights from a moveable estate (everything other than land and buildings).  Business assets may require to be sold to meet any claim impacting the viability and value of the business.

Lots more information to come but if we can assist meantime, please be in touch.

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