Business owners that do not have an “estate plan” run the risk of undermining a lifetime of hard work.
Without a professionally drawn Will in place, you run the risk of your hard-earned business being inherited by someone who may lack the necessary skills to effectively manage it. This could result in a significant decrease in the value and success of your business. In addition when it comes to passing on your business or shares, it is crucial to consider all aspects of your estate plan to avoid any conflicts with your company's legal documents, such as a shareholders agreement - Biscoes can ensure your Will corresponds with your existing company arrangements.
Furthermore, the absence of a Will can lead to disagreements and conflicts amongst interested parties regarding the future direction and management of the business. For instance, if your spouse were to inherit along with other business owners, conflicting ideas about running the business could arise, creating potential complications.
If minor children were to inherit your business, it could pose significant challenges to its continuity. Especially in cases where some children are actively involved in the business while others are not, having a Will becomes crucial in ensuring fair treatment and the smooth operation of your family business.
By creating a Will, you can safeguard your business and ensure that it is passed on to capable individuals who can preserve its value and drive its continued success. Don't leave your business's future to chance—take the necessary steps today to protect what you have built.
At Biscoes, we understand the immense dedication and hard work you have put into building your business or acquiring shares over the years. That's why we are committed to providing comprehensive support and personalised legal solutions to protect your legacy.