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:
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?
Who owns what shares in the business? Does the company’s articles & memorandum of wishes dictate the disposal of shares?
Is there enough life cover in place to pay the value of the shares to the deceased estate?
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.