What should be done about my business?
You may be a sole trader, a partner in a business with others, or even operating through the medium of a limited company. Whatever the case, it is important to consider what will happen to your business when you pass away.
If you are a sole trader, the executors of your will shall normally only have the power to carry on your business for the purpose of selling it as a going concern.
However, it is not necessarily the case that your business will have to be sold on or closed down as soon as possible, and the assets sold off so that the proceeds can be distributed among the beneficiaries named in your will.
You can include directions in your will which will allow your executors to postpone the sale and continue to run your business.
If you are concerned that your chosen executors may not want to run your business, you can also consider appointing special executors to deal specifically with the continuation of your business, while other executors deal with the general administration of your estate.
In relation to partnerships and companies, much will depend on the contents of any documents which govern how they are run. It is therefore important to get advice on what steps you can take to ensure that your wishes for your business can be carried out, whatever form the business takes.
At Hutton’s, we have the knowledge and experience to advise you fully of all of the options available to you in respect of your business, as well as all of the other important issues concerning the preparation of your will.Back To News & Insights