The Importance Of A Partnership Agreement Really Cannot Be Overstated
YOUR BUSINESS
Where you are the owner of or a partner in a business in Essex, your death could potentially have a significant impact upon that business being able to continue to trade and thus also the lives of those people that are associated with it.
Therefore, it may be essential to not only write a Will but also complete other related documentation like Lasting Powers of Attorney regarding your business interests.
For example, if you are a Sole Trader at the time of your death then your Personal Representatives (i.e. your Executors where you have a valid Will or members of your family that are entitled to act under the Rules of Intestacy where you do not have a valid Will) would simply take over and sell it on.
However, your beneficiaries competing interests under your Will or the provisions under the Rules of Intestacy could potentially lead to your Personal Representatives having to sell the business you left behind if your beneficiaries want to ‘cash in’.
You may also want to put a Lasting Power of Attorney in place to specifically deal with the running of your business in the event that you become unable to carry out this activity for yourself due to a loss of mental capacity.
Therefore, if you are based in Essex and have an interest in a business, it is absolutely essential for you to seek professional advice from an organisation like Andrew Douglas Wills and Legal Services with a view to fulfilling your specific needs in this regard where you become unable to do so.
