The Importance of Saving When you Run a Business
When you are in business for yourself there is an amount of paperwork involved that might not have concerned you before.
This can include anything from dealing with HMRC or an accountant for your tax liabilities, to engaging the services of a lawyer to draw up contracts or other agreements.
Something that many people in all walks of life tend to ignore is the importance of making a will. This is something that everybody should consider, whatever kind of work they are in, but it can be especially important for the self employed or those running a business.
An Estate
It isn’t just the money you earn or the personal possessions you have that falls under the umbrella of being covered by a will. In business you may have ‘intellectual property’ or copyrights or patents. You may also have interests in one or more incorporated companies, whether as limited companies of limited liability partnerships.
All of these considerations come into play in the event of your passing, as the more things that you are involved with in life, the more your affairs can be complicated afterwards.
A Will
Some people think making a will is morbid or unnecessary, but if you die without having a valid will in place there can be problems and delays in ensuring your loved ones inherit your estate in line with your own wishes.
Your ‘estate’ is the sum total of everything that is yours, including business assets. Having a will means that there is a clear and defined record of your own requirements as to what happens to your estate and also avoids any problems with probate issues.
Tax and Liabilities
There are many legal requirements involved when it comes to the transfer of wealth involved in an estate and by talking to a Co-Op Inheritance Tax specialist you can make sure that your own details are all in order.
Probate and Administration
If there is a valid will it is far easier for an estate to be distributed as it names an executor whose duty it is to make sure the procedures in the will are carried out properly.
This means that unnecessary delays can be avoided at a time of great stress for those left behind, and when the last thing that anyone needs are pressures of a financial nature.
The bottom line is that making a will is something that is neither difficult nor unpleasant and is essential the same as setting up any other contract or agreement which makes it clear what is meant to happen under a certain set of circumstances.
Share this:
Category: Business, Business Plan
