Writing a Business Will is Necessary!
A will is what you leave behind you when you die. This is a written testimony of your wishes how you want your properties distributed. This relieves you of the burden and you family members are also not in distress at times medical emergencies. Since they would know that you are in a right state of mind to write the will, they would not worry. So, there are various reasons for which it becomes necessary to write a will. And in case you are a businessman it becomes all the more necessary to write a business will .
If you are married, then you will have to write a will so that your civil partner and your children, if you have any, get the money. Even if you are not married you should write a will because your money should go to the right persons and not your distant relatives who never bothered to give you a call. So, will is needed to ensure that the money is going to the loved ones. A general will, however, is different from a business will. Business will is written by keeping certain things in mind. An asset, or property might change hands and stay good as gold but with business it is not necessarily the same because business has a certain market value that can change over time. This valuation may go towards a positive direction or a negative direction. But nevertheless, the bottom line remains the same that a business keep continuing even if the owner is not there anymore. A business is built over years. It needs a lot of love and labor. It is like growing a tree. Hence, it is bigger than any person who might have started it or carried it on her shoulder.
So, in order to help a business remain functional, you should write a business. Otherwise the wife and children will get virtually nothing and the effort of many decades will go down the drain. There is another case as well. The owner may like to appoint other people for his business. This may well be the case when you are happy with the state of things or you can see that your business is not in good hands. Finally, Inheritance Tax which is required under certain circumstances can be avoided if you are gifting your business assets to other businesses. This way your spouse and children could make full use of the assets without paying the Inheritance tax.