It’s entirely probable that your successful business constitutes a lifetime’s work. Whatever the basis of your company, i.e. sole trader, partnership, limited company, etc., you should consider what would happen to any assets of the business in the event of your death, as naturally, you would want to ensure your family is provided for.
For those in partnerships: in the absence of appropriate protection or planning, if your business partner died, their share would be subject to the Laws of Intestacy.
This can mean the person who inherits their share may not be who they, or you, would imagine. You may be left to run the business with their spouse or beneficiaries, which could have a considerable impact on the company and its future.
Without the appropriate business succession protection your spouse may not even inherit the value of your share of the business in the event of your death; the values of the business/brand may depreciate if inexperienced beneficiaries become involved; the business may need to be sold, with the proceeds liable to Inheritance Tax as a result.
We can help you plan the succession of your business and arrange appropriate protection for all concerned.
Call us on 0114 44 22 788.