Wills for business owners

Your business is part of your estate.

If you own shares, run a partnership or trade in your own name, your will needs to reflect both the value of the business and the way it operates. Leaving an asset to someone does not by itself give them the skills, authority or cash needed to keep the business running.

At CCM, we bring our accountancy and tax background to discussions about ownership, value and succession. We take your will instructions alongside a review of the issues that need attention, and agree any separate tax, valuation or legal work before it starts.

Business and agricultural relief from April 2026.

For deaths on or after 6 April 2026, the allowance for 100% relief is £2.5 million, shared across qualifying business and agricultural property. Qualifying value above the available allowance generally receives 50% relief. This is a relief allowance, not a guarantee that every business qualifies or that every estate will owe tax.

Unused allowance may be transferable from a deceased spouse or civil partner, potentially increasing the available amount to £5 million. Eligibility, ownership periods, the type of asset, trusts and other estate circumstances all need consideration. Some categories, including certain traded shares, qualify only for 50% relief. Investment businesses can fall outside relief.

The practical question is whether the intended beneficiaries and the estate can meet any tax liability without a forced sale. We can consider business value, ownership, available relief and liquidity together. Read HMRC’s Business Relief guidance.

Make the documents work together.

Bring your shareholder agreement, articles of association, partnership agreement, relevant insurance and any cross-option arrangements. These can restrict transfers, give other owners purchase rights or determine how the business is valued after a death.

A will should fit those arrangements. A binding sale obligation can also affect relief, so documents should be reviewed together rather than in isolation. Company-law drafting or amendments may need a solicitor, with CCM coordinating the accounting and tax input.

Consider who should inherit the economic value, who should exercise voting rights and who should manage the business. These may be different people. Executors and trustees need suitable powers, and family members may need cash rather than an ongoing shareholding.

Business lasting powers of attorney.

Death and incapacity require different plans. A property and financial affairs LPA can sometimes be tailored to business matters, with attorneys suited to those responsibilities. A separate business LPA may help distinguish business decisions from personal finances, but documents must be coordinated to avoid conflicting authority.

An attorney does not automatically step into your role as a company director. The company’s constitution, banking arrangements, regulatory requirements and other directors’ powers remain relevant. We discuss the structure before recommending the next steps.

Start with the wider picture.

Book a free initial consultation at Chichester House or on Zoom. Bring your existing will, ownership information, company documents and a recent outline of the business finances. Tell us about your family’s involvement, intended successors and any disagreement between owners.

We explain which work is included in your will-writing quote and which needs a separate engagement. Our will-writing service starts from £149 including VAT for straightforward instructions; business succession work is quoted to match its scope. Choose a partner to discuss your plans.