Running a business takes dedication, vision, and hard work. But what would happen to your company if something unexpected occurred?
For business owners, writing a will isn’t just about personal assets — it’s about protecting the livelihood of employees, customers, and family members who depend on you.
At Coastal Legacy, we help business owners across Hampshire, Fareham, Gosport, and Portsmouth plan ahead with wills that cover both personal and business affairs.
1. Protecting Your Business Assets
Your business is part of your estate, just like your home or savings. If you don’t include it in your will, it may be left in legal limbo after your death — creating confusion and potential disruption.
With a clear will, you can decide:
- Who should inherit or take control of the business
- Whether it should be sold, continued, or dissolved
- How profits, shares, or assets should be distributed
Without these instructions, the business could fall under intestacy rules, leaving family or partners unsure of what to do.
2. Supporting Your Business Partners
If you co-own a business, your will can clarify what happens to your share.
For example, it might:
- Pass to your co-owner(s)
- Be transferred to a family member
- Be sold under an agreed buyout arrangement
These plans are often paired with shareholder or partnership agreements, which work alongside your will. At Coastal Legacy, we ensure your documents are aligned so your business continues smoothly.
3. Protecting Your Employees and Clients
A sudden loss of leadership can create uncertainty for staff and clients. A will that names a successor or outlines a transition plan helps ensure stability and trust.
This can be particularly important for small businesses, family firms, and sole traders where the owner’s role is central to day-to-day operations.
4. Minimising Disruption for Your Family
Your family might not be prepared to handle business matters immediately after your death.
A well-written will provides clear guidance, making sure:
- The right person steps in to manage affairs
- Your family is supported financially
- There’s no unnecessary stress during an already difficult time
It also helps avoid disputes about ownership or value, which are common when there’s no written plan.
5. Avoiding Legal and Financial Complications
Without a will, your business could face:
- Tax complications
- Delays in accessing accounts
- Disagreements between family members and business partners
Professional advice ensures that everything is properly structured, keeping your business and estate protected.
6. When to Update Your Will
If you’ve recently started a business, brought in new partners, or changed your company structure, it’s a good time to review your will.
Regular updates keep your documents accurate and make sure your business continues as you intend.
Peace of Mind for You and Your Business
Your business represents years of effort — and often, a legacy for your family. Writing a will ensures that legacy is preserved and passed on smoothly.
At Coastal Legacy, we make it easy for business owners to protect both their company and their loved ones with professional, affordable will writing.
👉 Contact Coastal Legacy today to discuss wills and estate planning for business owners in Hampshire.