With that as your priority, it is completely understandable that you might not get time to look after your own personal affairs.
We’d recommend that you consider a number of things, on a pretty regular basis.
Have you got these covered?
- How are you going to get out of your business? Is it something which you might sell or pass onto the next generation? Even if this is on a very long horizon, you shouldn’t forget that an exit strategy can take years to plan properly.
- What happens to your business if you were to die unexpectedly? Do you need to put in place any life cover to help those left behind continue the business? How might that be structured? Have you provided for your business in your Will?
- What would the tax position be if you were to die? Have you protected your business assets from inheritance tax?
- What would happen if you were to lose mental capacity and were unable to manage the business? Have you got a Power of Attorney in place?
- Does that Power of Attorney appoint the right person to manage your business interests?
All of these are potentially complicated legal issues, and some of them have tax aspects we can help you with as well.