Blacks Solicitors’ Wills & Probate team specialise in providing a friendly, clear, and cost-effective private client service to business owners.
It is critical for anybody involved in a business to have a Will specifically setting out what should happen to their business interests in the event of death.
Blacks’ Wills & Probate team provide directors, shareholders and sole traders with bespoke advice on how to pass on their business interests to loved ones under the terms of their Wills in the most tax efficient manner possible.
We can advise you on the inclusion of Discretionary Trusts to provide your Executors and family an opportunity to distribute the business assets in a tax efficient manner. Without such bespoke Will drafting, a significant opportunity to mitigate Inheritance Tax liabilities could be lost.
Our team can also advise you regarding Lasting Powers of Attorney (LPAs). Failure to make a business LPA can have a serious, detrimental impact on the business so it is critical that directors understand the importance of having an LPA in place.
We can provide expert guidance and advice on how to correctly draft an LPA to suit both your needs and those of the company as well.
For a sole trader, a Will is of particular relevance as it should set out clear instructions on giving Executors power to carry on running the business.
The Will can also suggest whether the business is to be continued longer term, wound up, or sold.
Without such express powers, the Executors may not have the authority to carry on running the business which could be detrimental to the Estate.
For more information about Blacks’ Wills & Probate services, or for a no obligation discussion, please email or call us today on 0113 207 0000.