Do you own a Business? Do you have Business Asset Clause?
When it comes to business assets, it is essential to plan for their management and transfer even after your lifetime. Including provisions for business assets in your will can help ensure a smooth transition of your business interests to your chosen beneficiaries. Here are some provisions you may consider including:
Appointment of an executor:
Designate an executor of your will who will be responsible for administering your estate, including your business assets. This person should be someone you trust and who has the necessary knowledge or experience to handle business matters.
Succession plan:
If you have a family business or intend to pass on your business to a specific individual or group, outline your succession plan in your will. Specify who will take over the management or ownership of the business and provide clear instructions on how it should be handled.
Buy-sell agreements:
If you have business partners, consider incorporating buy-sell agreements into your will. These agreements outline what will happen to your share of the business upon your death, including whether your partners have the option to purchase your share or if it will be passed on to your heirs.
Provide Instructions for Care:
Outline specific instructions regarding the care of your pets. This may include dietary preferences, exercise routines, medical needs, grooming requirements, and any other important details. The more detailed and comprehensive your instructions, the better the chances of your pets receiving appropriate care.
Valuation of business assets:
It is important to have your business assets properly valued to ensure fair distribution among beneficiaries and you have an understanding whether your business qualifies for Inheritance tax relief or not. You may want to consider including provisions in your will that require a professional valuation of the business assets.
Contingency plans:
It’s wise to include contingency plans in your will to address unexpected situations, such as the incapacity or unwillingness of your chosen beneficiaries to manage the business assets. These provisions can help ensure that alternative arrangements are in place to protect the continuity of your business.
If you are start up business, or an established business, contact the team at Guardian Solicitors and we will help make sure your Will has the correct clauses in place to address your business assets on 0203 301 6600 or by email us at info@guardiansolicitors.co.uk
