If you have your own businesses, employees, debt and assets, you need a crystal clear picture of them all. Transition arrangements, should a director of a business die, can be laid out via the will and shareholder agreements. This creates an insurable risk that can be protected.
Example: A two director firm with 50:50 ownership is valued at circa £3 million. One of the directors passes away and their will passes ownership of their share of the business to a surviving spouse. The spouse has little knowledge of the business and industry but is now a significant shareholder.
The risk is twofold. The bereaved family needs funds to support a newly single income household. And the surviving director has double the workload and a business partner who cannot help but still needs an income stream in the form of dividends.
Our consultants will make sure plans are in place that enable you to focus fully on your grief and on supporting your families.
