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A Business Will is an agreement that usually takes the form of a buy and sell option. It ensures the smooth transition of the ownership of a business on the event of a death, total and personal disablement or trauma of an owner.
Funding for a buy out in a Business Will is critical, and is commonly achieved by appropriately held insurance policies. It is very important to ensure that expert advice is sought when taking out the policies, so that Capital Gains Tax is not triggered unnecessarily.
A correctly structured Business Will, will have the following attributes:
A Business Will is one of the most crucial documents that can protect your business now and in the future.
Our Wills and Estates team have provided many businesses from sole traders to companies with Business Will's.