Business Wills and Business Powers of Attorney

You have invested years – possibly decades – building your business. But without the right legal documents in place, the death or incapacity of a key owner or director could bring everything to a halt. Supplier relationships, banking arrangements, staff wages, and client contracts can all be immediately affected – and without a Business LPA or properly structured succession plan, there may be no one with the legal authority to act. I specialise in helping business owners put comprehensive plans in place that protect their business, their family, and their legacy.

Business Succession Planning

Ownership Transfer Planning

Deciding in advance how and when ownership passes – to a family member, existing partners, or an external buyer – and structuring that transfer in the most tax-efficient way possible using Business Property Relief and other available reliefs.

Shareholder and Partnership Agreements

Reviewing and advising on shareholder or partnership agreements to ensure they include appropriate succession provisions – including cross-option agreements that allow surviving shareholders to purchase a deceased shareholder’s interest at an agreed value.

Business Wills

A business will addresses specifically what happens to your business interest on death – who inherits shares or partnership stakes, how the business is valued, and how tax reliefs are applied. I design business wills that work in conjunction with your personal will and business agreements to create a seamless succession plan.

Business Property Relief

Business assets qualifying for Business Property Relief can be passed free of inheritance tax at 50% or 100% relief. Qualifying conditions must be met and the relief claimed correctly. I advise business owners on how to structure their affairs to maximise BPR and pass business assets to the next generation as tax-efficiently as possible.

Business Powers of Attorney

A personal Lasting Power of Attorney does not automatically give an attorney authority to manage your business affairs. Business owners require specific arrangements to ensure continuity if they lose capacity. For sole traders and partnerships, a Financial LPA can be extended to cover business banking and decision-making. For limited companies, the articles of association must be reviewed to address director incapacity – many standard articles do not adequately cover this. I advise on reviewing and updating articles in conjunction with a Business LPA to ensure legal continuity.

Protecting Your Family When the Business is Your Largest Asset

For many business owners, the business represents the majority of their personal wealth. This creates a unique challenge: how do you provide for your family without destroying the business in the process? I advise on strategies that balance business continuity with family financial security – including life insurance written in trust to provide liquid capital, trust structures that hold business interests separately from personal assets, and phased inheritance arrangements that allow a business to continue trading while beneficiaries receive financial benefit.