If you are in business, remember to consider what would happen to it on your death and ensure your Will properly reflects this.
If you are a Sole Trader your Executors may need special powers granted in your Will to ensure that they can continue to wind up your business in an orderly fashion.
Similarly, if they wish to continue running it temporarily until suitable alternative arrangements can be made, instructions need to be left accordingly.
If you are a major shareholder of Limited Company then how your shares are to be treated on death is determined by the Company Articles of Association. These articles will determine what happens to the disposal of shares and there is often a clause which grants the remaining shareholders the option to purchase them.
It is imperative that this document is considered when you make your will as the Articles will take precedent where any clauses in your Will conflicts.
If you are a partner in a Partnership, it is highly recommended you have a Partnership Agreement between you and your partners which will detail an orderly and planned settlement of your business affairs in the event of your death.
Once again. such an agreement will take priority over any conflicts with a Will left so it is important that your Will takes account of the agreement to avoid complications for those you leave behind.
This is a complex planning area and it is recommended that you take appropriate financial planning and legal advice before taking any actions.
