"Great souls have wills; feeble ones have only wishes" - A Chinese Proverb
Making a business will ensures the smooth transition of the ownership of a business after the event of the owners death or trauma. This agreement usually takes the form of a buy and sell option. If you die without a business will in place, the business assets will be distributed under the laws of intestacy. This means that your shareholding or business could pass on to somebody who doesn’t want to run it, or someone without the experience or skills to run it properly. A disadvantage of not having a business will is that your children or beneficiaries may have to give 40% off their inheritance to the government if you die intestate. Your family may depend on your business as their main source of income, therefore, estate planning my be essential for the future of your immediate family. You can make sure an already stressful time doesn’t become more stressful by getting in contact today to talk about your business will.