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Wills for Business Owners

As someone who owns an interest in a business you have more reason than most to ensure that your Will deals adequately with those interests.

Ensuring that the business ends up in the right hands will only be achieved with proper planning. Take as an example the family business where one daughter works in the business and the other has no interest in following her sister into the family firm and opts to do charity work overseas. The intention might be to benefit the sister working in the business by passing the business interests to her given that she probably represents the future of the business and is your natural successor. In the interests of creating a fair balance you may want to leave a greater share of the rest of your assets possibly a sum of money or a larger share of your house to your other daughter to compensate.

As part of a planned estate planning exercise, we can even arrange a life policy in Trust to pay out on your death a sum roughly equivalent to the business value.

However fair and commonsense this approach might appear, it will not be achieved if you do not make a Will setting out these wishes.