If you run a business, it is crucial that you make a Will to detail what happens to it once you have died. There are many things to consider, so using Will writing solicitors in North Wales is usually recommended.
Law experts will be able to offer advice on issues such as business property relief, which applies in certain circumstances. These include being a business owner for at least two years and the company being still operational at the time of death. Tax relief is an important element of dealing with assets in your Will, so professional guidance is essential. In some cases, having a discretionary trust is another way of organising a firm; shares or other interests can then be distributed as you desire in your Will.
If you are a sole trader, it is relatively easy to deal with your business in your Will since you usually have the only say in these matters; you can choose who you leave your business, to though most solicitors would suggest you talk at length to the intended recipient.
Partnership businesses may need more detailed instructions and a ‘partnership at will’ policy can help simplify what happens to your share of the business in the event of your death. Dealing with a limited company in your Will would also need legal expertise.
Here at Bennett Smith Solicitors, we can offer you the best advice available on dealing with your business assets when you write your Will, so contact us today.
