We are perhaps more educated on what would happen to our family if we died, lost capacity, suffered a disability, became involved in a family dispute or ran up much debt. Our knowledge is on a personal law basis but of course any of the above could also have an impact on our business.
Here are some questions to ask yourself:
- Who would your business pass to on your death? The right person would help ensure continuity of the business, protection of the business and the protection of your family.
- If you lost capacity to make business decisions, does someone appropriate have the power to step in for you?
- Can and should the process of passing on the business begin in your lifetime and if so what are the tax implications?
- Do you have an intended heir to the business? Is there a risk that someone else has a claim on what your heir inherits from you?
If you would like to review your arrangements, including company articles, partnership/shareholder agreements, business accounts, title deeds, leases, inheritance tax reliefs and any Will and Power of Attorney please contact me Ross Leatham on 0141 552 3422 or by email rjl@mitchells-roberton.co.uk.