Why it matters
Without a will, the intestacy rules decide who inherits, and they may not pick the people you would choose. For a founder, an estate with no plan can force a quick sale of the shares or the business.
Wills & estate planning for startups
A will decides who inherits what you own, and planning can reduce the inheritance tax due within the law. This guide explains wills, Lasting Powers of Attorney, trusts and inheritance tax for founders.
Everyone should have a will, and founders also need to plan what happens to their shares in the company. Estate-planning specialists can arrange a will, Lasting Powers of Attorney, trusts where appropriate and inheritance tax planning. Some of these services are not regulated by the FCA.
The basics
- Wills, so that your wishes decide who inherits
- Lasting Powers of Attorney (LPAs) for finances and health
- Trusts, where they are useful
- Inheritance tax (IHT) planning and the reliefs available
- Succession planning for your shares in the business
How to get regulated financial advice
- 1Understand the basics
This page explains what this area involves, so you know which questions to ask an adviser.
- 2Find an authorised adviser
Regulated advice can only come from an FCA-authorised firm. You can search the FCA register, or ask us for an introduction to Equity & General, the firm we have an introducer agreement with.
- 3Decide whether to go ahead
An introduction is free, and you do not have to take one. If you go on to take advice, the adviser explains any fees before any work starts.
Common questions
Do I need a will?
If you have any assets, a business or people you want to provide for, yes. Without one, the intestacy rules decide who inherits, and they may not reflect your wishes. A specialist can arrange one for you.
What is a Lasting Power of Attorney?
A legal document letting someone you trust make decisions for you if you lose capacity. You can only make one while you still have capacity, and without one your family may have to apply to the Court of Protection to act for you. It can be arranged alongside your will.
Can you help reduce inheritance tax?
There are reliefs and planning options within the law, including gifts, trusts and business relief. A specialist adviser can tell you which apply to your estate.
General information only. This page explains a topic in general terms. It is not advice, a personal recommendation or a financial promotion, and it does not invite or encourage you to buy any product or service. Everyone's circumstances are different.
Regulated financial advice can only be given by a firm authorised by the Financial Conduct Authority. You can find one on the FCA register (register.fca.org.uk). Buzz Accounting is not authorised to give regulated financial advice. We have an introducer agreement with Equity & General (E&G), authorised and regulated by the FCA (No. 474163). If you would like an introduction, we can make one.
The value of investments and any income from them can fall as well as rise, and you may get back less than you invested. Your home may be repossessed if you do not keep up repayments on a mortgage. Tax treatment depends on your individual circumstances and may change. Will-writing, trusts and some estate-planning services are not regulated by the Financial Conduct Authority.
