IF you own, or have an interest in, a business, you need a succession plan and a will in place reflecting your particular circumstances.
Provided the right powers are included in your will, your executors can take on some aspects of the management of the business immediately after your death – without a will it may be months before anyone has authority to make decisions.
It may be advisable to include a specific gift of assets that attract Business Property Relief – if you have a spouse and children it may be appropriate to include a trust.
BPR relief can easily be lost or wasted and there is no “one size fits all” solution so it is important to review your arrangements regularly.
For advice, please contact Amanda Hayman, partner and head of the private client team at Lamb Brooks, on 01256 377589 or email her at amanda.hayman@lambbrooks.com.
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