April 15, 2020

What is a Business Will and do I need one?

What is a Business Will?

Your Will (Last Will and Testament) can make provision for the ongoing management and continuity of your business should something happen to you. If a business owner were to pass away and no provision were in place, it could mean a lack of financial control and could (worst case) result in the closure of the business.

This sounds scary but we always try to deal with worse case scenarios to ensure our clients have adequate protection in place.

Why write a Business Will?

Business owners will write a Business Will to specify who has management responsibilities in the event of their demise. They can also make provision for funding for the future and it avoids uncertainty for family and business staff who might be unsure what happens after a family member, co-worker or shareholder passes away.

There are over 5million small to medium-sized business in Britain and they are the backbone of our society. Sadly, many lack the forethought to make provision should something happen and this could affect the livelihoods of all those directly impacted by the business.

Tell me more...

Small businesses with one person, also sometimes known as a micro-organisation are often and obviously reliant on the owner, which means that business operations often require direct owner input.

If this is your business model, the likelihood is that, if you were to die, although your business would pass to your spouse or children, they probably don’t have the requisite skill or knowledge to keep it going.

 What can I do about it?

Creating a Business Will could help your immediate family who may depend on your business as their main source of income. Creating a Business Will with Fortis can help transition the business to the next generation or allow your executors to sell your shares in the business.

I'd like a bit more information and time to think...

Good idea! We can provide the information. If you'd like an informal/no-obligation discussion with one of our experts then contact us below, or call the office. We're on hand to help. Then, if you'd like to proceed, we can talk you through your options and do a full review to help ensure the continuity of your business, protection of loved ones and the future of your enterprise.

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