Manchester Corporate Estate Planning

How would your family and your business deal with the death of a business owner or shareholder? Does the business have the necessary legal documents in place to enable a smooth transition to take place?

Most business owners have given little thought to this area of planning, due to: not having enough time; not knowing about it, or they have simply avoided it for too long.

When we start to talk to clients about protecting their business, we don’t talk about: exit planning; tax mitigation; shareholder agreements; ownership of shares and how the business would continue in the event of their early death.

Our Manchester IFA and Manchester corporate estate planning team start with the basics.

Our Manchester corporate estate planning team will talk through and implement your needs, in relation to:

Will:
Is there a will drafted for the business owner dealing with their shares in the business? Is this up to date and is it tax efficient?

Shareholder agreements:
Who owns what shares in the business? Does the company’s articles & memorandum of wishes dictate the disposal of shares?

Protection:
Is there enough life cover in place to pay the value of the shares to the deceased estate?

Control:
Who will run the business if you were to become ill, or died? Are they capable? Do they have the knowledge and expertise to manage the business?

Do you have a Lasting Power of Attorney (LPA) registered for yourself?

As you can see, there are lots of issues for a business owner/shareholder to consider. Simply have a life policy and a basic will in place, may not be enough. Having a member of our team talk through your wishes and reviewing your legal documents, can ensure your business and family will be in good shape should the worst thing happen.

Call the Assured Wealth and Estate Planning Manchester financial planning adviser team today to book a FREE Manchester retirement planning consultation.

Assured Wealth and Estate Planning guide to the increased fee level and how forward planning can mitigate the new fees

What is probate?

When someone dies, you need to obtain the legal right to deal with their property, money and possessions, and to do so you need a grant of representation, which is commonly known as ‘probate’.

When is probate not needed?

Usually you won’t need to apply for probate if the estate does not include land, property or shares, if it is passing to a surviving spouse or civil partner because it was held in joint names or if the estate is valued at less than £5,000. However, each financial institution has its own rules and may still require a grant of probate certificate.

The new fees will apply to all applications received by the probate service on or after the date it is introduced in April 2019, irrespective of the date of death.

What is happening to probate fees?

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