If you own a business it is worth considering whether you should include a Business Trust in your Will. With this in place it can attract a relief from Inheritance Tax when you die if you are married or in a civil partnership, a relief that without appropriate planning it is easy to lose or reduce the benefit of.
It is worth talking to us about the flexibility of a Business Trust as it can be designed to benefit a wide range of people. For example it is appropriate for private limited shares or unincorporated businesses.
When we work with you to create your Business Trust will you will be asked to name up to four Trustees.
The role of these trustees will be to manage the trust’s assets after your death. They will also be responsible for making decisions about when your chosen beneficiaries will receive any benefit. Part of our role is to help you choose Trustees who will be able to carry out these duties responsibly. Further, we will create guidance for the Trustees in line with your wishes on how your estate should be managed after your death.
It is important to note that this is a summary and is not intended to be a full explanation of the main features and benefits of a Business Trust. We strongly recommend that a Business Trust is only selected in conjunction with appropriate Inheritance Tax advice.
For general informational purposes only, not intended or to be taken as legal advice. To make sure this is appropriate for you please seek advice and contact us.