Have you completed a Company Will to deal with your business assets? Do you know what happens if you’re involved in a Ltd Company with shareholders? Or, in business with one, or more partners?
- You may have left these assets to your loved ones but how happy will they be if they are not already a part of, or understand your business? How would your business partners feel?
- What if there are young children? How would they juggle looking after children and running a business? Would the business suffer as a result?
- Would your family prefer a lump sum rather than a share in the business? But are there sufficient funds to pay out a lump sum, or pay an income to your family?
- Had the good sense to take out life assurance so there is a lump sum to cover this eventuality? Good. Your family will be happy and your business partners too.
- So, by setting up a standard Cross Option Agreement everything is covered right? WRONG!!
You, your family and your business partner need a strategy that covers all eventualities and protects these assets after you’re gone when they will be vulnerable to attack from threats such as: Remarriage, Divorce, Bankruptcy, Care fees and Taxation!!
Talking to an expert face to face will ensure that you have everything covered!
