- If a co-owner died or suffered a critical illness, is the control of your business under threat?
- If the worst happened, what would your family receive?
- If it was you who died, would your family receive a fair value for your share of the business?
Here’s some more questions to consider:
- What is your share of the business worth?
- How much of this amount would you want to pass to your family if you died tomorrow?
- Would you expect to maintain control of your business on the death or serious illness of a co-owner?
- What would you want to happen?
- Have you written it down?
If you’re unsure of any of the answers to the above questions, your business could be at risk.
You may need a business will to ensure your wishes are carried out. The requirement of most business owners is to maintain control of the business following the death or serious illness of a co-owner. The requirement of the family is generally to receive a fair cash value.
*Legal & General research between November 2012 and February 2013.