Business Owner Wills & Tax

Your business was built through years of hard work, and it makes sense that you want those closest to you to benefit from the value of your assets after your death. Transferring your assets isn’t always a straightforward process, though, so if you have a stake in a company, it's important to seek business succession planning advice to discuss your options.

Wills & Tax

Inheritance Tax exemptions can apply to business assets, and asset planning with a carefully prepared will can help arrange your affairs so your beneficiaries receive the most value from what you leave them.

The details of your company will need to be looked at carefully by a solicitor who specialises in business succession planning to see what options are available. In some cases, your shares can be passed on to your friends and family, but in other instances, the company could pay out the value of your shares to your beneficiaries instead.

Putting business assets into a trust during your lifetime or in your will allows the value to be managed and preserved in a tax efficient way. Beneficiaries can receive money from the fund but the use of the trust can protect the value from being exposed to risks from unwise financial decisions or from passing outside your family. 

Making gifts of business assets during your lifetime can help you use Inheritance Tax allowances and gives you the opportunity to bring the next generation of your family into the business. We will help you find the best method to give partial ownership of your business to beneficiaries while you’re alive, or we can look to set up a trust to hold the business for them without giving them ownership.

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There are many aspects that can affect how a business owner can pass their assets on:

  • Preparing wills for business owners
  • Setting up trusts of business assets
  • Advising on lifetime gifts of business shares
  • Inheritance Tax planning for business assets during lifetime and in the event of death

Your solicitor must be able to balance succession and inheritance law, company and business practicalities and personal or family considerations to find the best arrangements for your particular situation. 

We work closely with many business owners to identify the best ways to protect and pass on their companies. Whether there is one particular issue you want to deal with as a priority, or if you want to review the succession of your business more generally, our private client team can identify the best way forward for you and your business.

Contact Private Client