Wills 'important' for business owners

Writing a will is essential for small business owners, according to a tax expert.

The suggestion was made by Nicholas Hughes, a partner at Chiltern Tax Support, who said that if an owner or major shareholder dies intestate it could lead to problems for a company.

Writing in business publication Freshinfo, Mr Hughes explained that without a will, the law will dictate where shares end up.

"This affects surviving family members, and where shares or other business assets are held, it can also affect business partners, directors, other shareholders and the business itself," he continued.

In addition to uncertainty about ownership - a situation which could impact on the continuity of the firm - a partner dying without a will could affect the tax situation, Mr Hughes added, particularly relating to business property relief.

HM Revenue and Customs lists a whole business, a partnership, unquoted shares, and land, buildings and machinery among the items that can be eligible for business relief.

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.

Find out which one of our Will services suits your circumstances by answering 10 simple questions in our 'Which Will is Right for You' Questionnaire.


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Published on: September 12, 2008

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