Business owners beware
As a business owner you work hard to ensure the success of your business. You enjoy what you do and rest in the knowledge that if you pass away your business could provide a safe financial future for your family.
We are aware of the importance of making a will to deal with the situation if we die. We also consider what would happen if we lose the ability to run our business and we put in place a power of attorney.
There are also further steps which may need to be taken if you are sole proprietor of a business or the only director and shareholder in a company.
Provisions should be made so that your company/business can continue to operate and, for example, still make payments to suppliers even though probate has not been registered. It should be clear to all people affected who has power to run the business in the interim before executors have power to do so. You should also choose executors and provide them with clear instructions as to who could run the business in your absence.
It is all part of sensible business planning which along with a will and power of attorney can ensure that what you have worked so hard to achieve in your business life can continue with minimal upheaval and maintain its value as it passes safely to your beneficiaries.