Your dedicated lawyer will help you through your business succession planning and implementation
Business Succession Planning
What should you consider?
Planning to retire from your business whilst at the same time protecting the reputation and success you have worked hard to build requires considerable preparation. You will need to contemplate who you would want to hand over control of your business to and how you would want to do it.
How can Goughs support you?
The key to a stress free retirement is to plan for the succession of your business early. This gives you plenty of time to adjust the business structure if need be, to recruit others or grow and upskill current staff to eventually take control of your business and to plan for your own exit and retirement.
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about business succession
Succession planning can involve making a Will to set out who you wish to inherit your assets. For complex families and particularly those with high net-worth, there may be additional steps required. This could be creating trusts or family investment companies to protect your wealth for future generations. It may also include the appointment of professionals to assist in the management of your assets. Succession planning will:
- Manage family expectations of their inheritance to avoid future disputes
- Educate the next generation on their future responsibilities and how to manage their large inheritance
- Minimise inheritance tax
- Assist you in deciding how to hand over control of your business
- Allow you to consider the rewards of allocating some of your wealth to charity (find out more of the benefits by clicking here.)
- Give you the opportunity to plan for unexpected circumstances, such as losing mental capacity
The Private Wealth team at Goughs Solicitors, Wiltshire, specialises in advising clients on how best to structure their estates to ensure their wealth is passed down through their family.
A Will may be the most important legal document a high net worth individual can consider and create. A Will sets out how your assets, business, property and finances, will be distributed on your death.
Although, in cases of ultra high net worth estate planning you must have a very clear and comprehensive idea of how you wish your assets to be broken down on your death. A Will is the essential part of the process to ensure this happens.
Goughs Solicitors can offer advice tailored to you and your family to create a Will that suits your requirements. A vague or confusing will may get contested after your death which will ultimately mean further suffering, and financial burden, on those left behind.
How much does it cost to make a Will?
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Your business succession team
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Your dedicated lawyer will help you plan your tax so your wealth is protected for your loved ones
Your essential guide to estate planning
Make sure to plan for your future and help your family in the best way you can by planning what will happen to everything you own upon your death.