Business Wills
You may, like many people run a small business.
It is therefore likely that
this business will form part of your estate. To ensure that your business
can either continue, be closed down or sold, your Will should include clauses to
give specific business related powers to your executors.
- If you are a sole trader - Do you want the business to continue? If you employ staff, who will pay them?
- Partnerships - Will the partnership
continue if one member dies? Is there a Partnership Agreement in place?
If a transaction needs two signatures, who will sign?
- Limited Company - Do the Articles of Association
say what will happen to your shares?
You may also care to consider what would happen if you became incapable of manageing
your financial affairs. By preparing a Lasting Power of Attorney, you could
give someone you trust the ability to keep your business running till you could
resume control.
As the saying goes -
If you fail to plan, you plan to fail
Avoid failure - contact
Legal Services UK and discuss
the options open to you.