Family Business Succession Planning

By making proper provision for your family, you can ensure your loved ones are secure and taken care of - whatever happens. If you don’t, the law of succession in Scotland will determine what is to happen to your assets, and the default legal position may not necessarily be what you want to happen.

One of the most significant succession planning decisions you can make is to write a Will. A Will allows you to set out how you want your estate to be dealt with upon your death. At the same time, we will discuss potential tax liabilities, legal rights and how assets can be protected. 

Another important consideration for you may be protecting assets for future generations. Trusts can be an excellent vehicle for ensuring that you set aside specific assets for your children and grandchildren. Money can be used for specific trust purposes – such as schooling. It is important to consider the tax implications of any trust arrangement, as well as how it will be managed when you are no longer here. We can offer guidance on each of the benefits of setting up a trust and assisting with any issues.

A key consideration when estate planning may be how a family business is dealt with when you are no longer here. It is important to have these discussions with your family to consider several things, such as whether the business will be sold, who will inherit the asset or who is to be involved. Again, we can help you understand what would be involved in transitioning the business when you are no longer involved.

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