This will be a testing time for all concerned including the beneficiaries of the deceased’s estate. It has to be appreciated that what is best for them might not be what is best for the business, especially if the beneficiaries have no experience within the business.
Planning for this eventuality and having a well drafted Cross Option Agreement in place can not only ensure that the needs of all parties are met but it can also create a tax efficient environment utilising for example, Business Property Relief.
We understand that for most people, their business interests are inextricably linked to their personal and family lives. Therefore, we always recommend that a Cross Option Agreement should be considered alongside personal Legacy Planning.
As mentioned, it’s not something any of us really want to think about, but it is something most of us intend to get around to.
Why not let us take it off your ‘To Do’ list?
The Financial Conduct Authority does not regulate will writing or legal services advice.
Our Barrister Intermediaries have successfully completed examinations and are registered with and accredited to the Legal Services Guild.