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.

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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

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   Jennifer Pears 
 
 
 
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 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.
  
 
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 Trustindex verifies that the original source of the review is Google. excellent personal service
  
 
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 Trustindex verifies that the original source of the review is Google. Brenda Beveridge Wills and Trust, Karen has been very nice, very professional and thorough throughout our meetings. She is very understanding, and explained step by step what to do and when. Karen even came to my home for our meetings, she made me feel very at ease and confident to go on with the PofA. I would highly recommend Brenda Beveridge Wills and Trust. I'm surely going to use them if ever needed. Thank you to Karen.
  
 
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   Janet Roddham 
 
 
 
 Trustindex verifies that the original source of the review is Google. Absolutely  brilliant and explanatory  from.the beginning  lovely  freindly relaxed atmosphere   professionally  conducted  would highly recommend
  
 
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 Trustindex verifies that the original source of the review is Google. Thank you for explaining everything and help! Nothing is too much trouble,      100%
  
 
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 Trustindex verifies that the original source of the review is Google. Karen explained every thing with care and professionalism I was apprehensive at first but every question I had was answered and explained, your trusting your life’s savings so needs to be right I made the right decision using Brenda and Karen Beveridge for my will and trust .
  
 
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 Trustindex verifies that the original source of the review is Google. A first class service! I would highly recommend Brenda Beveridge Wills and Trusts Ltd. Karen was professional, efficient and thorough with clear communication at each stage. Documentation was provided quickly with attention to detail making the process very smooth.
  
 
  
  
 
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