What should business owners put in their will?

• Sole trader. The business is you. It ends on your death, and its assets become part of your estate.
• Partnership. The partnership may end on a partner's death unless the partnership agreement says otherwise.
• Limited company. Your shares pass under your will, but the company's articles or a shareholders' agreement may limit who can hold them.

• Should the business carry on, be sold or be wound up?
• Do your co-owners have the right to buy your shares, and at what price?
• Where will the cash come from to pay any Inheritance Tax and keep the business running?
• Who should be your executors? Someone who understands the business can make a big difference.
• If only one child works in the business, how will you treat the others fairly?

Business Property Relief and Agricultural Property Relief can reduce Inheritance Tax on qualifying business assets, but the rules changed from April 2026. Speak to your accountant about how they apply to you.

• A Lasting Power of Attorney for property and financial affairs lets someone you trust keep things running if you lose capacity.
• Shareholders' agreements and key person insurance are often part of the plan.

We write the wills and powers of attorney, and we are happy to work alongside your accountant and solicitor on the agreements.