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This means that you leave a specific gift of the business interests into a flexible trust. Your trustees have absolute discretion and flexibility about when to give the shares to any of the possible beneficiaries. None of the beneficiaries would have an absolute right to receive the assets. The list could include your spouse or civil partner, children, grandchildren and anyone else you might wish to benefit. After your death, the shares or business interests remain in the trust whilst the trustees consider the circumstances at the time of death and then decide whether to sell the shares or give the shares to some of the beneficiaries. In addition, you can leave a separate Letter of Wishes for your trustees to provide guidance about dealing with the business assets.
If the shares qualify for business property relief then this will be the most tax efficient way of dealing with your business interests and it would really be advisable to think about updating your Wills now to include such a trust. A discretionary trust in your will is flexible, it protects your business interests from passing outright to children or grandchildren who might be experiencing marital or financial difficulties, it maximises business property relief and it can also assist with keeping your options open in relation to succession planning for your business.
If you need any legal advice or assistance with regards to wills for business owners, contact the Davis Blank Furniss team now.
Founded in 1877
60+ experienced employees
Offices in Manchester & Glossop
Full service law firm
Excellent experience start to finish – always very responsive to any queries and the turnaround on the property I was buying was very quick, even in the busy time leading up to stamp duty deadline. Jenny was always very helpful and went above and beyond to close on a short timescale.
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“Jo always provides great service, understands our needs and delivers on her promises. Our needs are relatively simple but the complexity arises out of the volume of work and short time frames, Jo always delivers.”
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“Before putting my case in Kirsty (Morbey)’s capable hands I’ve met a couple of other solicitors. None of them listen to me as intently as Kirsty and showed me as much empathy and understanding as she did. Simultaneously she was able to look at my case from legal perspective, explain all the options and follow each of our meetings with written summary of the discussed matters (in timely manner). Her advice was invaluable and led me to successfully ending the case matter (hopeful for good). I’m forever grateful for he work and would definitely recommend her to anyone looking for reliable, knowledgeable and committed solicitor”.
Our Manchester office is rated 5 stars on Google
If you need any legal advice or assistance with regards to personal or family law, contact the Davis Blank Furniss team now.
If you need any legal advice or assistance with regards to personal or family law, contact the Davis Blank Furniss team now.
If you need any legal advice or assistance from our Manchester office, contact the Davis Blank Furniss team now.
If you need any legal advice or assistance from our Glossop office, contact the Davis Blank Furniss team now.
