Including a business in your will
Most people will be aware of the need to have a will for their personal affairs, but may not have thought about business wills. Business owners should give thought to their business assets at the same time as any personal matters.
Things to consider
Ensuring that you appoint the right person as executor for your will is important. You can appoint different executors for different areas of your estate, and that includes your business. Whilst you might appoint a husband, wife, friend or relative to deal with your personal effects, they may not have the knowledge or experience to deal with your business.
It’s also important to work with a solicitor who has expertise in both personal and business wills, and it can be helpful to appoint a firm whose commercial and private client teams work closely together. Clients usually approach a private client solicitor to deal with their will, but an understanding of how a company is set up is important when writing a business will, and that’s where the commercial team comes in.
Where do I start?
Get in touch with your solicitor who can talk you through the process. Give them plenty of time to look through your company documentation, so that they have a good understanding of how your business is set up and can work with you to create a will that will ensure protection of all your assets, both personal and business.
At Cartridges Law we provide commercial and personal legal services for small business owners. Contact us for an initial conversation with a member of our private client team.