Making a Will is something that everyone should be doing and for some groups it is more important than others: parents with young children, people living together but who aren’t married, couples worried about future care home fees, couples with children from previous relationships, recently divorced/married and those with complex family/financial situations.
The one group that tends not to be highlighted is the business owner. Whether you are trading as a sole trader, limited company or partnership, have you ever given any thought to what would happen to your business if you died unexpectedly? More to the point, what would you want to happen? The answer is often already there in a company’s Articles of Association and you may not know about it. However, that’s not always the case and time should be spent by all business owners thinking about the future of the business they may have invested huge sums of money in and spent many hours building up.
By making a Will, you can include your business and choose how or whether you would like it to continue. You can choose Business Trustees and give them the necessary powers they need to carry out your wishes. Your business may qualify for Business Property Relief in which case a professionally drafted Will can help reduce your overall tax liability.
If you would like to discuss making your Will and learn more about securing your loved ones’ future AND taking care of your business, please contact Sally Helm at VALLEY WILLWRITING. She is a Member of the Federation of Small Businesses, an approved Trusted Trader for AgeUK Calderdale & Kirklees and a Member of the Institute of Professional Willwriters.