When building and managing your career or business, you will find it could well take up most of your time. Your plan will commonly be to turn your carefully plotted career or business plan into private wealth, which will provide you with a specific lifestyle and standard of living. Therefore the protection of your wealth and the maintenance of your lifestyle should be at the very centre of your business and career plans. What you should be including in your plan...
There are many ways you can overcome these issues and plan ahead effectively, including:
Learn more about these options below:
This refers to an agreement made between the co-owners of a business whereby a structure is established to acquire the business-related assets for a pre-agreed value if one were to die. This is commonly linked with life insurance policies held by the co-owners and helps to provide security for both the deceased owners family and the value of their input into the business.
When business interests are passed to family members (i.e. next of kin), it can expose the business to inexperienced beneficiaries and claims. This can disrupt the operation of the business and lead to problems, so a flexible Will passes business interests and personal wealth into a trust - offering better security and enabling you to better govern who has access to business interests and when.
This means you can decide who can act and make decisions on your behalf should you lose the capacity to do so yourself - which can be essential if the business loses the influence of a 'key man'. Making the decision on who can act for you can remove a lot of uncertainty and danger before it's too late.
Divorces and separations can lead to costly disagreements about the distribution of wealth and assets. Drawing up fair and sensible nuptial agreements can help to avoid these arguments and ensure a smooth, mutually beneficial transition.