| Up to 70% of people are without the protection of a | | | | including inheritance tax and various forms of business |
| valid or up-to-date will. Many of these will be business | | | | tax relief. Whilst good tax advice from an experienced |
| owners or directors. Failing to make a will can create a | | | | wills solicitor can be highly complex, it can also be |
| serious risk to family and business partners. Make sure | | | | relatively simple and does not have to be expensive. |
| that you are not one of them and that not only do you | | | | However failure to make the most of tax relief for |
| have a valid will but that it is updated at least once | | | | your business could prove incredibly costly -- make |
| every five years to take account of changing personal, | | | | sure you don't leave most of your inheritance to the |
| tax and business circumstances. As a business owner, | | | | tax man. |
| you should make sure that in particular your will | | | | 4. A will properly drafted by a solicitor will help to |
| ensures that: | | | | prevent potentially highly divisive and expensive claims |
| 1. Your business continues to run after you die - failing | | | | on your estate - claims even against your share of the |
| to clarify who should inherit your business interests or | | | | business. Unnecessary litigation is absolutely lost thing |
| how your business should be divided upon sale, could | | | | your business needs after you pass on. Sadly |
| leave the entire venture in chaos. | | | | arguments over who should inherit are becoming |
| 2. That your business interests are inherited, within or | | | | increasingly common, and can split families as well as |
| outside the family, as you would wish. In particular, your | | | | destroy businesses. |
| will and any partnership, shareholders agreement or | | | | 5. There is adequate succession planning for directors. |
| company documentation should adequately provide | | | | A properly drafted will need not be expensive and |
| that your intended beneficiaries correctly inherit | | | | even the most complex will is nowhere near as |
| whatever company shares or part of your business | | | | expensive as the cost of court proceedings to decide |
| you wish to leave them - this is particularly important | | | | how to divide an estate following a challenge to the will |
| as business documentation such as a partnership | | | | or an invalid will. If you are a company director or own |
| agreement can take precedence over your will in | | | | your own business, make sure your will is accurate, |
| case of conflict between the two. | | | | up-to-date and actually reflects your wishes - or get a |
| 3. The will maximizes potentially significant tax savings | | | | new will drafted by a wills solicitor as soon as possible. |