How can I preserve my business assets for my family?
Hard work and dedication has meant that you have built up a sound family business to benefit you and your family and naturally you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?
Who would actually be entitled to this share of the business?
Without a valid Will the deceased's share of the business would be subject to the Laws of Intestacy and the person who inherits this share may not be the person you intended.
Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? This could have a major impact on the running of the business or the value of the business could go down following the death of such a key person.
Without the appropriate Business succession strategies in place:
- Your spouse / partner may not inherit your share of any business.
- Business partners may not be able to buy out the deceased's share.
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business could depreciate owing to the inexperience of any beneficiary.
- The business may have to be sold and the proceeds become liable to Inheritance Tax.
