What will happen to your business when you die?
As a business owner it is important to consider who you wish to inherit your business when you die. This will ensure business continuity and ongoing client and staff obligations.
It also has the likely benefit of Business Property Relief which could mean that Inheritance Tax savings.
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A Business Trust written into your Will can:
- Make provision for on-going commitments to staff and clients
- Ensure that beneficiaries receive shares, dividends or other payments
- Make use of potential Business Property Relief (BPR) to alleviate some or all your IHT arising from your Business.
BPR Regulations state that a Business must continue in the same way for a period of no less than two years following your death to be considered for BPR.
- Who your Business Trustees are going to be
- Who will be appointed to manage the Business and what remuneration should be received
- After the two-year period, should the Business continue, if so, who should own the shares, if it should be sold who will benefit from the proceeds of sale
Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Trusts can protect your assets such as your home. They can help ensure that your assets are passed on in accordance with your wishes after you die.
A Trustee should be appointed to legally manage and administer the Trust in accordance with the wishes of the person creating the Trust.
A Trust can either be set up by you during your lifetime or by your Trustee after your death and in accordance with your Will.
Trustees are the ‘legal holders’ of any Trust property, they manage and distribute the Trust assets. There can be one or more Trustees.