Is control of your business at risk?

Ask yourself:

  • 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.

Find out more about the benefits of a business will for your business

*Legal & General research between November 2012 and February 2013.