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What Would Happen to Your Business If You or a Business Partner Died Suddenly?

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If you have a Will in place, upon proof of death, the appointed executors will initiate the necessary proceedings in line with your wishes including instructions relating to your business and / or shares.

If, however, you do not have a Will in place, consider that upon proof of death, your business shares and responsibilities will be put on hold until your estate has been administered and probate completed in full which, depending on your estate, could take months if not longer. Business partners may not be able to make decisions on your behalf during that time, all your assets may be frozen, and without inheritance tax planning, your estate may be subject to a large tax bill

Company Payments May Go Unpaid

If you are the sole shareholder of your business and employ staff, wages and suppliers may go unpaid until your estate has been administered, which may be months or longer.

Shares May Be Passed To A Person Not Involved In The Business

Who will the new person sitting on the board be? Will they share the same values and aspirations? If the new person has inherited a majority stake in the business, that person is effectively the new boss – do you know who that person is?

Your Inheritance Tax Bill May Be Higher Than Needed

No matter how much you consider your business or assets to be worth, the people appointed to inherit your estate will receive the maximum inheritance tax bill which, once debts have been taken into consideration, may not be anywhere near the amount you think.

There are many other pitfalls for business people passing on without a Will, so our advice is simple; If you don’t have a Will, contact us immediately, If you do have one but haven’t reviewed it for five years or more, contact us to ensure it reflects your current situation

To arrange a free initial meeting to discuss this or other legal matters relating to your business, call 01792 450010 or email [email protected]

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Peter Lynn and Partners was established in 1999 to offer top quality commercial and civil advice to businesses and people in Swansea. With several offices in the heart of the Swansea area and a base in Cardiff as well, PL&P offer a wide range of legal advice and services to individuals and businesses across the South Wales region.

Their experienced solicitors provide a high quality service, which is tailored to the specific legal needs of the client, and ultimately aim to be ‘Preventing Legal Problems.’ We provide our clients professional legal services in lots of different sectors including Personal Injury, Family Law, Wills and Trusts, Residential Property, Commercial Property, Litigation and Dispute Resolution, Criminal Law, Agricultural Law, and Sports and Entertainment Law.

Peter Lynn and Partners have 40 members of staff which contain nine partners, 21 qualified solicitors and paralegals who are backed by a team of seven support staff. They are committed to securing the best outcome for all our clients.

 

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