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A business does not just end when you die
Business owners – whether sole trader, partner or limited company – are often unaware of the practicalities of what would happen when they die. Model Articles and Business Continuity plans only provide the framework of what should be done. Your Executors will need to know what your wishes are. Is your business going to continue, or is it going to be sold? What happens to contracts or services which are ongoing?
Making a Business Will can allow you to make the right provision from carrying on the business, to making sure that matters run smoothly on the sale of any assets or the business name itself.
Remember, the Executors you would normally choose may not always be the best people to manage you immediate business needs. Taking care of existing contracts, liaising with your accountants and paying staff are just some of many important matters that would need to be attended to immediately on death.
Businesses often continue after you die. As a business owner, there are several reasons why a simple Will may not be sufficient, and a more comprehensive business Will would be more suitable. We can help you with this.