Q&A I am setting up a business do I need a will?

Q. I am in the process of setting up a small business as a sole trader and a friend has suggested that I should think about making a Will. I am married with a young family but do not have much money in my estate and did not think that it would be worth making a Will at the moment. Would you advise that I should make a Will?

A.

I would agree that you should make a Will, so that not only can you make decisions about the distribution of your estate in  due course, but can also consider appointing guardians for your young family and take advice concerning the position of your business if you were to die. A suitably experienced solicitor can advise you as the issues arising in the valuation of your business, any Inheritance Tax exemptions and issues arising concerning your business in the administration of your estate.  There are specific matters that you might want to consider, such as who would run the business if you were to die, making sure that those people were given the appropriate powers under the terms of your Will. You should also consider entering into a Lasting Power of Attorney to appoint people to deal with your financial matters, including the business, in the event that you were no longer able to make decisions.rest.

Jo Wild, solicitor

 

*This article was previously published in the Stamford Mercury