Corporate/Partnership Will Writing from GTT Make a Will

Do you have a company Will?

Companies that range from Ltd corporate status, Partnerships, to Sole Traders are all susceptible to the difficulties that the death of senior or key member of staff can have on the running of a company, or even the survival of a company.

Your business could be forced to close because:

You are unable to find sufficient funds to buy back a director/partner shares from their family.

You could lose control of the business because:

Partners shares have passed to family members who want to be part of business. Or family want to sell shares to a competitor, for more than you can pay.

Unnecessary tax payments may be required.

If the transaction of shares is mandated on death by a binding agreement then Business Property Relief will no longer be eligible, leaving the assets to be included into the taxable estate. Don’t let this happen, contact me.

By arranging good Estate Planning and Will applications, these scenarios could be avoided.

Other reasons of jeopardising your business by not making a will and that could be avoided by talking to us, are:

• Loss of Profits
• The need to recruit or train a replacement
• Loss of important personal or business contacts.
• Difficulties in meeting existing loan replacements
• Loss of confidence from suppliers and customers
• Difficulties in raising new finance for developments
• Loss of detailed knowledge of the business processes
• Having to repay a loan the person has made to the business
• Loss of goodwill

Where do you look for interim help to plug the gap left by the deceased? What should you do about recruiting a long term replacement? If a Critical Illness or a disability has been suffered, What help is available to rehabilitate them and help them back to work, or even help to find alternative employment. What about the legal ramifications, where would this specialist legal advice come from. We have available a “Helping Hand Service” which assists with these types of problems.

RIGHT MONEY
You can use a trust to give some or all of the arranged benefits to other people. This means that the benefits you give away would not be part of your estate if you die, and would not be subject to Inheritance Tax. Inheritance tax is currently payable at 40% on any part of an estate over £325,000 Any benefits not placed into a trust will be added to your estate.

RIGHT HANDS
Our trusts are flexible, which means you have control over who will benefit from your arrange cover and who will be responsible for making that happen. Setting up a trust means you have control over who will administer any money paid out and who will benefit from that money. It could even be yourself.

RIGHT TIME
If you put your plan in trust it allows payment of any claim to be paid quicker than if the plan was not in a trust. Not putting a plan in trust will mean your representatives may have to obtain a Grant of Representation before they can deal with your plan. This could take several months. A plan in trust will avoid this delay. We have several trusts available. We at GTT Make a Will can advise you which one best suits your circumstances.

Remember it's never too early to make a will. Just don’t leave it too late.

What to do next? Click here for expert advice, and then relax.

GTT Make a Will are experts at taking care of companies.