I am a sole trader. Does my business end when I die?

Yes. A sole trader business usually ends when the owner dies because there is no legal distinction between the individual and the business.

What happens to my limited company if I die?

Shares in a limited company usually pass to beneficiaries named in your Will. If there is no Will, intestacy rules decide who inherits, which may not reflect your wishes.

Do business owners need a Will?

Yes. A Will is important for business owners because it helps ensure the right beneficiaries inherit and supports business continuity.

Business Succession

Without the appropriate Business Succession strategies:

Your spouse / partner and children may not inherit your share of a business.
The business may have to be sold and the proceeds become liable to Inheritance Tax.
The value of the business could depreciate owing to the inexperience of any beneficiary.
Business partners may not be able to buy out the deceased’s share.

business succession planning, brenda beveridge,

Having the correct business planning in place not only offers protection from Inheritance Tax liability but also protects your beneficiaries inheritance from future divorce settlements, creditors and other third party claims.

Hard work and dedication has meant that you have built up a sound business to benefit you and your family, and naturally you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?

Who would actually be entitled to the deceased’s share of the business?

Without a valid Will, the deceased’s share would be subject to the Laws of Intestacy and the person who inherits may not be the person you intended. Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? This could have a major impact on the running of the business, and the value of the business may now depreciate following the death of a key person.

Our business estate planning is tailor made to suit you and your business, taking the standard planning options available on the High Street a significant step further.

Make an Appointment

Frequently Asked Questions

I’m a sole trader, does my business end when I die?

Yes, technically, your sole trader business ends immediately upon your death because the law does not distinguish between you and your business. Assets, debts, and contracts become part of your personal estate and are governed by your Will or intestacy laws. The business ceases to operate, and bank accounts are generally frozen until probate is granted.

I have a limited company, what happens to it if I die?

Shares are passed to beneficiaries, named in a Will. If no Will exists, intestacy rules determine the beneficiaries, which may lead to the business being inherited by people you would not have chosen. Alternatively you could have a Shareholders Agreement in place, detailing what happens to shares after your death.

I have a business; do I need a Will?

Yes it’s really important that business owners have a Will in place to ensure the correct beneficiaries inherit and give as much business continuity as possible.

Do I need separate Lasting Powers of Attorney for my business?

While you can use one Property and Financial Affairs LPA for both personal and business, it is highly recommended to have a separate Business Lasting Power of Attorney (LPA). A separate business LPA allows you to appoint Attorneys who understand your company, preventing potential conflicts of interest between business and personal affairs, and help to ensure business continuity if you become incapacitated

      EXCELLENT  
   Based on 53 reviews 
    
 
 
 
   
 
 
       Posted on Google  
   
   Colin Allen 
 
 
 
 Trustindex verifies that the original source of the review is Google. My wife and I have just used this firm to set up our wills, trust funds and powers of attorney. They were so knowledgeable and helpful. Karen came out to our house and made sure we understood everything and patiently answered all our questions. In fact a friend who'd called in to witness our signatures realised that the advisor she had used had missed a couple of points in the light of Karen's explanations! We felt in really safe hands in this important area and we can't recommend them highly enough. Thoroughly professional and genuine 5 star service!
  
 
      Posted on Google  
   
   Margaret Webzell 
 
 
 
 Trustindex verifies that the original source of the review is Google. We were looking for help with Wills, Trusts and LPA and came upon Brenda Beveridge and Karen Robinson purely by chance. Their professional help was exactly what we needed and Karen was especially helpful and took extra time to explain everything. We would highly recommend them to anyone who needs their expertise in this area.
  
 
      Posted on Google  
   
   Phil Gott 
 
 
 
 Trustindex verifies that the original source of the review is Google. Karen came to our house explained everything clearly and professionally showed our options and we did it all there and then wills and trust at a very reasonable price
  
 
      Posted on Google  
   
   Gaz Gray 
 
 
 
 Trustindex verifies that the original source of the review is Google. Professional, patient, helpful. Understanding.
Great service and we'll worth it.
  
 
      Posted on Google  
   
   Robert Armstrong 
 
 
 
 Trustindex verifies that the original source of the review is Google. Karen is unassuming and down to earth . We were at ease within five minutes of sitting down with her . She focused on our needs and guided us through the process at our pace.
I first spoke to Karen on the 10th of August and she visited us a few days later. By the 27th of August she came back and everything was completed.
Karen is a complete professional and a really nice person.
  
 
      Posted on Google  
   
   John Cross 
 
 
 
 Trustindex verifies that the original source of the review is Google. Fantastic company they talk you though everything no pressure to sign and look after you all the way
  
 
      Posted on Google  
   
   Janice Grant 
 
 
 
 Trustindex verifies that the original source of the review is Google. Fantastic service from a lovely lady - thank you Karen. All our questions answered fully and really good communication during the process of drawing up our wills.
Can highly recommend!
  
 
      Posted on Google  
   
   Andrew Waters 
 
 
 
 Trustindex verifies that the original source of the review is Google. Thank you Karen, what I though would be complex situation, you made it a simple and easy process, great service, Thank you
  
 
      Posted on Google  
   
   Jennifer Pears 
 
 
 
 Trustindex verifies that the original source of the review is Google. Our Will and Trust needed updating and Brenda Beveridge and daughter Karen were highly recommended to us.

• Personal and professional service
• Caring
• Knowledgeable
• Offer home visits
• Nothing was a trouble and answered all our
concerns

Many thanks
Jen & Derek Pears 🍐
  
 
      Posted on Google  
   
   Christine Allen 
 
 
 
 Trustindex verifies that the original source of the review is Google. A very positive and surprisingly pleasant experience overall. Karen made several home visits during which she answered my many questions and provided clear information about my options re setting up Power of Attorney and making a Will. Very satisfied with the service provided and would have no hesitation in contacting her again should the need arise.
  
 
  
  
 
     Verified by Trustindex  Trustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more