Cross Option Agreements – A ‘Must’ for every business with Shareholders or Partners

Cross Option Agreements for BusinessIt’s not something many of us want to think about but the death of a shareholder, especially if he or she is also a Director, will have a major impact on a business, more so if there has been little or no formal planning for such an event.

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 is essential

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.

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What our clients are saying about us

I have been giving my legacy planning some careful thought for many years and been offered various pointers and advice during that time. Nobody however, was able to support me clearly, given the regular changes in law and my specific requirements. From day one, Diane was very diligent, clear and open to questions & so I felt immediately confident that I would use True Bearing Legal Services.

I cannot thank her enough for helping me to fulfil my lifelong dream and I hope she is recognised for her hard work and contribution. Heartfelt, genuine thanks from me and all my family.

Sadhna Bharat, Runcorn

Diane has treated me as an individual and took the time to listen carefully to my goals and often raised questions for me to consider that I hadn’t necessarily covered. My whole family is now engaged and informed of my legacy planning because of her attitude and approach. She has been thoroughly supportive and was free to advise me at any stage throughout the past few months.

Whilst I respect the professional work that True Bearing do, it is Diane that I fully bought-in to, she has given me the confidence to bring my wishes to fruition and I would recommend her services in a heartbeat.

Sadhna Bharat, Runcorn

I sought True Bearing legal services to set up legacy plans following a devastating critical illness diagnosis to my Wife. Part way through the legacy planning process, my wife passed away unexpectedly. The support and help I received from True Bearing Legal Services, and in particular from Diane Bush was invaluable. I was able to contact her anytime during difficult times when I was either at hospital, out of hours or via email with my queries and concerns about what was happening.

I highly recommend True Bearing and Diane Bush for helping to arrange legacy planning no matter what your circumstances are, and encourage people to make plans as life can change unexpectedly. Once it’s all set up correctly, the feeling of security and peace of mind is very reassuring.

IM, Shropshire

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