Without a will business owners risk chaos

Up to 70% of people are without the protection of a valid or up-to-date will. Many of those will be business owners or directors. Failing to make a will can create a serious risk to family and business partners. Our experienced wills team strongly recommend that all business owners and directors ensure not only that they have a valid will but that it is updated at least once every five years to take account of changing personal, tax and business circumstances. In particular, working with the firm’s business team, our wills solicitors can make sure amongst other things that:

• Your business continues to run after you die
• That your business interests are inherited, within or without the family, as you would wish. In particular, your will and any partnership, shareholders agreement or company documentation should adequately provide that your intended beneficiaries correctly inherit whatever company shares or part of your business you wish to leave them – this is particularly important as business documentation such as a partnership agreement can take precedence over your will in case of conflict between the two.
• The will maximises potentially significant tax savings including inheritance tax and various forms of business tax relief.
• A properly drafted will prevent potentially highly divisive and expensive claims on your estate – claims even against your share of the business.
• There is adequate succession planning for directors.

A properly drafted will need not be expensive. Our basic wills start from just £150 and even the most complex will is nowhere near as expensive as the cost of court proceedings to decide how to divide an estate following a challenge to the will or an invalid will.