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Business Succession Planning

Taking him through the details of his retirement plan

It is really important for business or private company owners to create a Business Will.  As a business owner have you put any thoughts or planning into the succession of your business if you were deceased.  Who will administer the business side, and will you give them power to continue run the business whilst they administer the estate for probate?  If a sole director, then some careful consideration needs to be taken.

Things to think about would be does the business have enough funds for the surviving directors to pay of your beneficiary if this is what is wished, and if a sole director did you know your business would cease trading if not planned correctly.

 

Failure to plan properly could leave the beneficiary in a difficult situation or even your co director.

 

If you are a sole trader this can form a part of the Will but again the use of certain business clause will give the executor more freedom to act in the best interest of the intended beneficiary.

 

The use of personal Wills and Business Will is vital so that both your personal and business affairs are taken care off.

 

Another major point is Business Power of Attorney, should you become incapacitated who do you wish to control your business affairs?

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