Business Wills - Without a business Will in place, the death
of a Director or Partner of a company can cause unnecessary and
complicated problems for the surviving spouse and/or business
associates. The Will writing service can help to plan for the passing
of key persons within a company, ensuring that in the event of
death there is a positive outcome.
Trading Businesses are subject to Business Property Relief (BPR)
or Agricultural Property Relief (APR) which for most businesses
means 100% Inheritance Tax (IHT) relief. Without the inclusion of a
Discretionary Trust in your Will it is possible that the BPR or APR
will not be available when your estate passes to your children.
Why is a Business Will so important?
You decide who is in control
Avoid shareholder arguments
Why write a Will? - As a business owner you will be aware
of the many pitfalls and obstacles you need to overcome to make
your business successful. No doubt financial planning and careful
management goes into making a success of your enterprise. Sadly
what is often overlooked is the underpinning of all the hard work by
writing a properly worded Will.
A Will can enable you to make provisions to maximise tax relief
available to business property owners and even carry that relief to
Decide who will run the business
Home visit service
Appointment of Executors, Trustees and Guardians (if necessary)
Trustee powers to allow your trustees to efficiently handle your
estate after your death
Leaving specific gifts to individuals
Contingency clauses in case beneficiaries predecease you
Key Person Cover
Have you ever thought about what would happen to your business if a
key person died or was diagnosed with a critical illness? Key person
cover protects the business against the financial loss it would suffer
and is paid out in a lump sum, significantly helping the business to
recover. The proceeds can be used to help replace the lost profit or
finding and hiring a replacement. Every company, no matter how large
or small can single out key individuals who add a significant
contribution to the success of the company.
Maximise Tax Relief
Peace of mind
a later generation. You can enable persons nominated by you to
carry on the business, provide an income from the business to your
spouse / partner for life and then pass on the business to children,
grandchildren or other nominated beneficiaries in a tax efficient
Preparing a Will allows you to determine who will inherit your estate
after your death. Without a Will you run the risk of the wrong people
benefiting from your estate, increasing costs and delaying your
beneficiaries from receiving their inheritance.
Whether your estate is large or small, complicated or
straightforward, The Will writing service can help to make sure that
your property and possessions are left to the people that you love.
The standard Will service includes:
Remember: As this is a Business Will the cost is a business expense
payable by the Company.
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Celtic Wealth Management is the trading name of Celtic Wealth Management & Financial Planning Ltd.
Celtic Wealth Management and Financial Planning Limited have put together a group of specialists who we work closely with and are
leaders in their field in order to offer our clients the best products on the market. All regulated advice in relation to Pensions and Investments
is given by Darren Reynolds, Chartered Financial Planner or his qualified advisors of Active Wealth (UK) Ltd, which is regulated by the
Financial Conduct Authority.
Whilst every effort has been made to ensure that articles are correct, Celtic Wealth Management and Financial Planning Limited can't take
any responsibility for its content and readers are advised to check their validity for themselves. Celtic Wealth Management and Financial
Planning Limited and its divisions are not liable for any financial product purchased or financial advice provided through a third party
Financial Advisor, Mortgage Advisor or Will Writer. Neither Celtic Wealth Management and Financial Planning Limited or any of its divisions
are regulated by the Financial Conduct Authority and as such do not offer advice.
Partnership or Shareholder Protection
Protect your business in the event of death or critical illness.
Partnership/Shareholder protection is extremely important as it
provides a lump sum in the event of death (or critical illness) to ensure
that the company can buy the shares of the relevant business co-
owner. This protection will help ensure that the control of the business
is retained and the remaining owners have the ability to purchase the
business share from the deceased owner’s estate.
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T: 01792 681 005
‘The Old Bank’,
30 St. Teilo Street,