Business Owner? Have you heard of a corporate will? If not you're going to want to read this...

It may not come as a surprise but 7/10 UK adults still don't have a will in place. And if you are married with no kids that might just be OK as the laws of intestacy will lean towards your spouse getting everything without much delay or hassle in the most basic and straight forward of circumstances..

Throw a business into the equation and its a whole different ball game.. Have you thought about what would happen if you or one of your fellow owners were to die or become critically ill? 

• Do you have plan in place to for the death of an owner?
• Where would the funds come from to buy the deceased share in the company? Could the company pay back any director loan immediately? As this could be demanded.
• Is there an agreement in place to make sure that the remaining parties can buy out the shares of the deceased?

Many people take out life insurance to protect their homes and families, they use "trusts" and wills to ensure little hassle and time is spent should a claim be made. In essence they are developing a strategy that can be executed in times of untimely disaster. The same needs to be done if you are you a business owner, its preparing to spend a little time now to save a lot of time, stress and money then. In the small chance that it becomes a reality. Its your livelihood that your protecting here, is it worth it?

Contact Simple Financial Planning on 0141 343 7654 or email us at [email protected] to book an appointment to chat through your options.

(Source: www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-mortality-and-morbidity-tables

*Based on mortality data from TMN00 (temporary assured lives, male non-smokers, 1999-2002) at five plus years’ duration.

**CIBT02. Based on 1971-2003 population data and experience, published in SIAS paper Exploring the Critical Path, 2006.

Males, stand-alone, extended cover, including own occupation and total and permanent disability.)