Making a Will is something that many people put off. However, it is important to take steps now to ensure that your family will be protected should the unthinkable happen.
Philip Buchan, Associate with Murray Beith Murray, writes in the summer edition (June 2019) of Scottish Land & Estates LandBusiness magazine.
Planning for what will happen to your estate once you are no longer around is never an easy task. Careful considerations must be made as to who you would like to inherit your estate, when you would like them to inherit, and what tax implications inheritance might have. Where a business is owned, it is also important to consider these same points, as failing to plan for succession of a business can have seriously damaging effects on the business and to your family's inheritance. For private, owner-managed, or family-owned businesses, a solid succession plan can drive the growth of the business, reduce taxes, and set the stage for retirement and continued growth of the business for generations to come.