Business owners could leave their families with huge problems if they do not write a will, it has been claimed.
Serious complications could arise in a business if succession planning does not include a will.
According to Duncan McAllister of Mace & Jones, writing a will can limit the potential for claims against the estate of the deceased.
"Businesses need to ensure their directors have wills and that these concur with any articles or shareholder agreements," he said.
By having a clear will, families can ensure they avoid disputes over business shares or who takes control of the business.
DIY Wills are not always appropriate for those who own a business as the business needs to be incorporated in the Will and can therefore make the process more complex.
Our fixed price Bespoke Service - provided by leading UK lawyers Irwin Mitchell - can help you as you may need a solicitor to write a bespoke Will for you.
Lawpack provides a range of Will services - all at a fixed price - so you don't have to worry about soaring legal fees.
Carol McBride, a specialist at the firm, said that a business sold on death could lead to the proceeds reaching the spouse's estate with careful planning.
"Tax savings can typically be 40 per cent of the proceeds of sale of the business," she explained.
Published on: July 1, 2008