Getting a Will and Lasting Power of Attorney is vital of anyone serious about their business
If you run a successful business, it’s critical that you have an up to date Will and a Lasting Power of Attorney (LPA) in place today. As well as the sensible reasons for having a Will if you aren’t careful you could end up paying 40% tax on your business’ value. With most business, and some careful planning, you shouldn’t need to pay any Inheritance Tax.
It’s also critical that your business has provisions should you lose mentally capacity for some reason. Getting an LPA in place is a requirement for all serious business people.