Will making basics

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When Professional Help Is Essential - Business Assets

By Stacy Taylor Written on:

If you own your own business there may be tax exemptions applicable so as to reduce the tax to nil on the business assets. Coupled with the availability of the nil rate band these can reduce your potential tax liability considerably but to take advantage of this a will requires careful drafting. If your business operates as a private company, you may wish to provide for an option to purchase to be written into the will. Alternatively, you may wish your executors to sell your business during the administration of your estate.

The will needs to contain additional clauses to enable your executors to continue your business if you wish it to be sold as a going concern.

A properly drawn up partnership agreement will usually contain provision for what is to happen on the death of a partner. You cannot appoint a successor partner in your will.

Agricultural property also attracts a special exemption for inheritance tax but the rules are complicated. As with many other aspects of wills, the layman's idea of agricultural property does not necessarily coincide with that of the taxman.


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see: Making a will - The Law Society. Please note that will making differs in Scotland and this website currently deals with English laFree Will download

 

Perhaps you might consider taking legal advice from a solicitor about making a will if any of the following apply to your circumstances:

 

  1. A number of people could make a claim on your estate when you pass away because they depend on yourself financially
  2. You want to include a trust in your will (perhaps to provide for children, to save tax, or simply protect your assets in some way after you become deceased)
  3. Your physical and permanent home is not in the UK and / or you are not a British citizen
  4. You live here in the UK but you have additional property abroad
  5. You own all or part of a UK business.
  6.  

see: Making a will - The Law Society. Please note that will making differs in Scotland and this website currently deals with English law.

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