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’s 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!