Although you don’t like to think about it as an entrepreneur, writing a will is a fundamental part of owning a business. When you eventually part ways from your business due to death, you’ll want to make sure that it runs the way you would have wanted it to if you were to still be there. This can be possible by writing a will whilst you’re still in charge.
What happens when a will isn’t in place?
Without a will, your property is likely to be distributed in the court of law which means you and your loved ones won’t have control of how it’s shared. This can leave your family without the assets that you’ve taken so long to build for their future. Furthermore, if the courts are unable to find a suitable beneficiary your assets are likely to go to a treasury which is unlikely to be the option you would hope for and it’s unlikely that any Manchester solicitors can help without a will written.
When should I consider making a will?
One of the biggest mistakes that entrepreneurs and business owners tend to make is thinking that it’s too early to make a will as your company is still growing. That’s simply not the case. Let’s face it, you’ll be completely unaware of when you pass away and certain scenarios can be unexpected. Therefore, the sooner you write the will the better.
An important factor that you need to keep on top of is consistently updating the will as your business continues to grow. This prevents you from leaving anything out and you can have the reassurance that everything will be covered.
The will making process
Before you go ahead with making a will, it’s unlikely that you’ll be aware of how to actually make one. It’s legal for anyone over the age of eighteen is able to make a will. Factors that should be included in there are in relation to your property, any personal possessions that you have, shares and the chosen beneficiaries and executors.
In addition to this, you can also provide instructions for your funeral arrangements if that’s something you wish to include.
If you feel that you need support on how to write a will, you can seek the advice of the will writing solicitors Manchester based who can guide you through the process. They’ll provide their professional help and share their expertise on the best possible methods that will ensure your assets are spread out correctly.
To summarise, a will helps to provide instructions on how you wish your assets to be shared when you eventually pass away. As a business owner, it’s likely that your asset value will be much larger compared to your everyday citizen so it’s important that a will is in place.
