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This area covers planning how a family-owned business is passed on after death, balancing business continuity with inheritance wishes. A solicitor helps draft wills that protect the business, set up shares or interests in a trust, and arrange buy-sell provisions so surviving family members and owners are treated fairly. They advise on tax-efficient strategies, appoint appropriate executors and trustees, and prepare documents that keep the business running smoothly for the next generation.
The solicitor will help protect ongoing control of the business and the interests of family members. They ensure that the will and any associated trusts secure the goodwill, shares, and assets of the business, prevent disputes, and provide clear succession steps that avoid delays or conflicting claims. Their oversight includes safeguarding executors’ and trustees’ duties, and addressing potential tax consequences.
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