Research has found that more than half of UK business owners don’t have a will and 69% haven’t thought about succession planning.
The will-writing charity Will Aid is calling on business owners to make a will in order to secure a legacy for their loved ones and protect their employees when the inevitable happens. Their new poll has found that 54% of business owners don’t have a personal will. What’s more, 69% do not have any succession plans, haven’t thought about succession planning or don’t know where to go for advice. With no will in place, their business assets could be distributed in a way that doesn’t fit with their wishes.
Peter De Vena Franks, Will Aid campaign director, said: “Having a will means there is a clear plan of action to follow that takes care of business operations. It also minimises confusion between family members and other business stakeholders.
“If you own a business, or have shares, then estate planning is very important. Your immediate family might be reliant on your business assets, and your business partners or colleagues will need to know what happens to your stake in the business after you are gone. A will can help preserve the value of your business and will give you peace of mind that your affairs will be handled according to your wishes.”
To help more people create a will, the annual Will Aid campaign sees solicitors across the UK volunteer their time to write wills throughout November. More solicitors are now being urged to sign up to the campaign to help meet demand for its services.