If you’re a small business owner, deciding what will happen to your business after your death is just as important as bequeathing your personal assets. For a business will you’ll need to consider a number of issues, including:
- Who, if anyone, will run the business after your death? You may want your children to take over running the company, or appoint separate trustees such as a firm of accountants.
- Selling the business as a going concern. If you choose this option, you’ll need to take steps to minimise inheritance tax for your beneficiaries and find out if you can claim Business Property Relief (BPR) on your business assets.
If you don’t make a will, what happens to your business after your death depends on whether you’re operating as a sole trader, partnership or limited company. The only way to make sure your intended beneficiaries don’t miss out is to discuss the issues with Colin Snaith, who will draft a will to meet your need.
Talk to Colin today
Contact Colin today to book your free, no obligation willwriting appointment. Colin will talk you through the available options for your business and work with you to agree the best solution.