Landlord & Business Planning
When in business, it is easy to get drawn into the day to day running and take an eye off where you are going. But, as with any part of your financial affairs, it is important to consider how the work you do today will affect you in the future.
Moneybox Wills and Trusts can give advice on estate planning for landlords and business owners. With our sister company, MAB Wealth Management, Moneybox can assist with Business Powers of Attorney, Business succession planning in your wills and business protection, pensions and much more.
Considering your property portfolio or business in your estate planning is important. Your business will change and so should your planning. Having your affairs up to date will ensure you, your business and your family are protected if the unexpected happens.
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Your Will needs to take your business into account. If you passed away, would your executors be able to administer this part of your estate. Your Will should ensure that the shares of your business go to the right person and in the best possible way. When two or more people are in a partnership, they should all ensure that the business and their Wills are set up in a way that supports their intentions.
For landlords, your executors and trustees must understand your plans but also be able to manage the portfolio, your tenants and the financials of the business. This could mean appointing seperate business executors to manage that aspect. Your executor is liable for any loss on the estate, which is why it is vital to choose the right person. Moneybox Wills and Trusts can help you in that decision.
As a business owner, Moneybox Wills and Trusts can also help you plan for Inheritance Tax by making use of available reliefs and capturing them with a Business property relief trust. Also, ensuring that the family recieve the full benefit of the business in the most effective way. Sometimes protection is the most efficient way. If you would like to talk to us about business protection or trusts, please fill in the form below.
Business Powers of Attorney ensure your duties and obligations as an owner continue to be met. Self employed people have suppliers, customers and staff that are all reliant on them and the business. If that business owner became ill or incapacitated it is not just them and their families who are affected. Accounts
Having an Attorney specifically to manage your business affairs can help your business avoid failure, financial difficulty or legal claims. Your Attorney does not have to do the job you do. Simply manage the business from the perspective of an owner. If needed, your Attorneys can remove you from your business, sell or close your business, or continue the operations until you return.
If you run any business, stop to think who would be affected if you suddenly became incapacitated. Your staff, your customers and your family would all be affected. Powers of Attorney are a simple and affordable way to protect yourself and your business from this. Moneybox Wills and Trusts can explain how a BLPA would be relevant to you and your circumstances. For more information, please contact us today.
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Information and resources
View our vault of articles, case studies and information to give you a deeper understanding of the subjects we can help you with.
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