Could your business continue to operate without you?
Our own mortality is something that is always difficult to contemplate, but the emergence and rapid escalation of COVID-19 has thrown a spotlight on the fact that we are all human and vulnerable to any number of health issues.
Writing a Will and keeping it up to date is good practice for any individual but, for a business owner or director it takes on even greater importance. If you have business interests and do not have up to date provisions in place and the worst happens, will your business be able to function? Will your staff and suppliers go unpaid? Could that mean that the business could ultimately fail?
Why put a Will in place?
Putting in place a Will that takes account of your wishes in relation to your assets, including the management of a business in which you have an interest, could mean the difference between your business continuing to operate or not.
It is also important to have the right people (executors) in place to manage your estate in the event of your death. This can be business partners, family members, professionals or a combination of whoever is best placed to continue to run your business either in a restructuring or handover period, or to ensure that it continues trading and retains its value prior to a sale.
A secondary consideration is that you may have beneficiaries who you feel are not currently of an age or in a position to take on the running of your business. Again, careful choice of executors who would either take on that role, or appoint appropriate business managers to do so, is essential to ensure that the true and full value of a business that you have worked hard to create is retained and passed to your chosen beneficiaries when they are ready.
Tax Relief
There may also be certain tax reliefs attached to your business, in particular with inheritance tax. Certain business interests qualify for relief from inheritance tax and in some cases the relief is 100%. This is an area that should also be investigated when Wills are made or reviewed.
At Mogers Drewett, we understand that your circumstances are unique and that means our first priority is to listen to you – unless we know what your ultimate aim is we can’t produce a Will that meets your wishes. We will work alongside your existing advisors (for example your Accountant), and if necessary our own Corporate Commercial team to ensure your Will reflects your wishes and is as efficient as possible.
With so much uncertainty at the moment, we are here to help ensure that those assets you have worked hard to accumulate are protected. We are all set up to work with you by ‘phone, Skype, facetime or email – whichever suits you best. Contact our specialist team today on 0800 533 5349.