Planning for the Future - Making Your Will and Putting Your Business Life in Order

Mon 5/7/10

Denise Jones

At the recent FSB Meet the New Members Evening, Tuesday 20th June, Denise Jones of Lovingly Managed, gave a very helpful talk on the sensitive issue of drawing up a will all other legal requirements to safeguard your business when you die.

She began by outlining what needed to be done depending on what kind of business you run:

- Company Directors need Wills, Shareholder Agreements, Lasting Powers of Attorney for Financial Affairs and Welfare
- Partners need Wills, Partnership Agreement, Lasting Powers of Attorney for Financial Affairs and Welfare
- Sole Traders need Wills, Lasting Powers of Attorney for Financial Affairs and WelfarePLUS any one of us can also, if we wish, have an Advance Directive AND an End of Life plan

She then went on to give an idea of what each of these entailed and the process of registration, how long it can take and the costs involved, finishing off with a handy summary:

• Make a Will – include your business!
• Ensure you have the correct Shareholder or Partnership Agreement in place
• Use the Power of Attorney documents to full effect, keep a separate one for your business issues, both Lasting and Welfare
• Registration - decide when
• Advance Directives? eg “let me go if I’m going to have no quality of life ..." - your call
• End of Life plans? Why leave things to chance – YOU CHOOSE
• Don’t forget real insurance – key man, critical illness etc
• Payment options FOR EVERYTHING – can be staggered