Making a will

Making a will is something that everyone thinks of at some point, but only a relative few seem to put in place. A statistic I read recently stated that only 30% of the population have made a will.

Making a will is important for everyone, but especially so if you have your own company. Have you thought about what would happen to your company, and the money in the company, if you died?

You may think this will never happen to you. A client of mine, some years ago, thought the same, but at the age of 42 he fell through the roof of a barn, trying to retrieve a toy, and died. It took around 2 years to sort out the company. He had left a will but hadn’t updated it after he and his wife divorced. He was due to remarry, but because he hadn’t rewritten his will to include his fiancee, his ex wife got everything.

Don’t assume that your wife will get everything as brothers or sisters, or parents may have a claim.

Please seek legal advice when creating a will when you have a business.

If you have a limited company or small business we at Mark Stanley Accountants Ltd can advise you. Please go to our website at www.markstanleyaccountants.co.uk or e-mail [email protected] or phone 01207 582528. Go to our facebook pageLinkedInor google+ page.