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Wills For Business Owners

Why are wills so important?

Writing a will is the most common aspect of estate planning, the process of setting out how you want your assets redistributed after you pass away. If you are self-employed and run a business this can become even more important, especially if you do not have any other corporate protection plans in place.

What you should include in your will

As per the government’s website, your will should set out:

  • Who you want to benefit from your will
  • Who should look after any children under 18
  • Who is going to sort out your estate and carry out your wishes after your death (your executor)
  • What happens if the people you want to benefit die before you

Will writing assistance

It is possible to write a will independently, however, it is often not a straightforward process and an adviser can help you get around what works best for you and your particular circumstances. As soon as your situation differs from the ‘norm’, you need to make sure you are making the right choices for your loved ones.

If you are self-employed a will is vital, but it also means that your will is going to be more complex. You want to make sure that loved ones and executors will know how you want your business or your shares to be handled and how the business will continue or if the business should be sold.

Active’s will writing advice

The team at Active work with clients daily to advise them on will writing, incorporating what they should include, how to navigate inheritance tax requirements and any complex circumstances that the will writer might have.

To begin your will, speak to an Active expert. They will guide you through the process and advise on the best way to make a will that delivers what you want, to make sure that your loved ones are taken care of and provided for in the event of your death.

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