Why do business owners need to consult estate planning solicitors?
Whilst it’s not something that anyone really likes to think about, if a business owner or partner passes away without having a plan in place for what will happen to their business, any employees or other partners, it can cause significant problems for those left behind. If there is a valid will in place that covers business matters, this means that there is no ambiguity over what happens with the company, that financial interests of loved ones can be more easily safeguarded, and it can minimise the stress for all involved, at what can already be a very upsetting time.
Estate planning for companies is an essential consideration for business owners, shareholders and partners. Get in touch with our estate planning lawyers for more information on how we can help you by providing services, such as writing and witnessing Wills for business owners and partners.
Assistance with estate planning and business succession planning
As business owners approach retirement and start to think about succession or want to ensure that plans are in place just in case something unexpected happens, Stephensons can help you prepare for the next phase for your company. Whether it’s the legal work that goes with bringing in new partners or shareholders, drafting a Will for business owners or any other legally required element of succession or estate planning for business, our expert team can help.
Business estate planning tax implications
If you’re a business owner, there may be some inheritance tax exemptions or relief available on certain business assets when you pass them on in your Will, or indeed if they are handed over in your lifetime. We can offer expert advice on tax in relation to this, along with clear information on all aspects of estate planning for your company, as well as with the succession process. This can not only make the end process more straightforward for all involved, it can give everyone peace of mind that there is a plan in place for this kind of eventuality.
With significant experience in Wills, probate, tax and succession planning for businesses, we’re ideally placed to advise you on all of the considerations involved and to make sure that you have all the legal assistance you need. Get in touch with Stephensons today for more details of how we can help, call us on 01616 966 229.
The advice provided to non-face to face clients will be through electronic or written communication only e.g. by telephone and email. Stephensons Solicitors LLP assumes no responsibility for, and shall not be liable for, (a) verification of mental capacity or testamentary capacity (b) verification of any undue influence or duress involved (c) the execution of any documents.