“Nothing can be said to be certain, except death and taxes.”
US President, Benjamin Franklin, 1789.
You run a business. You check the finances and cashflow regularly. You’re complying with all the relevant legislation. But… have you considered what would happen to your business, if (and I’m afraid we really mean, ‘when’) you die? Many business owners don’t. And yet it’s vital that you ensure that your life’s work is in safe hands.
If you die without a Will, it may not be possible for anyone to access your business accounts or run your business without first applying to court for a Grant of Letters of Administration. This process can take between 3 to 6 months, and in the meantime your business may not be able to operate, and your business assets and bank accounts may be frozen.
Without a Will or having a poorly-drafted Will may mean that those in charge of managing your personal assets may not have the ability or know-how to sort out your business affairs.
But having a well-written Will means you can appoint the right people to manage your business and you can also determine who, when and how your beneficiaries will take over your business. A Will also gives you the ability to protect your business for future generations in the most tax-efficient way.
At AWB Charlesworth Solicitors we will consider all your business affairs when advising you on your Will and succession planning. This will leave you safe in the knowledge that should the worst happen, your business can continue to be a success for the benefit of your loved ones.
30 March 2023