Business Owners and Wills: What You Need to Know

A business does not pass on like a house

When you own a business, your will has to answer questions an ordinary estate never raises. Who runs it between your death and probate? Can your shares be sold, and to whom? Does an existing agreement already decide what happens to your stake? Get the answers wrong and a business can stall, lose value, or end up somewhere you never intended.

Check what your agreements already say

If you own a business with other people, there's often an agreement that overrides your will. A shareholders' agreement may force your shares to be offered to the other owners first. A partnership agreement may dissolve the partnership on death. Your will can't ignore these. It has to work alongside them.

Business relief can save tax, if it applies

Many trading businesses qualify for business relief, which can cut their inheritance tax value by 50% or 100%. The rules are detailed and the relief is easy to lose through the wrong structure or wording. It's well worth getting right while you're alive rather than leaving it to chance.

Sole traders and freelancers

If you're self-employed with no employees, no company and no business premises (a freelancer or sole trader providing personal services), your "business" is really just you and your income. A standard will usually covers that, and you're welcome to use PureWill.

Anything more, see a solicitor

Once there's a limited company, a partnership, employees, or significant business assets involved, this is solicitor territory. PureWill will flag it and point you to one rather than produce a will that doesn't fit. You can find a solicitor through the Law Society.