If David and Bruce in THE FAMILY BUSINESS OWNER had formed themselves into a Limited Company, much the same scenario would play itself out, except that the company would not fold immediately. It would likely die a slow death. The surviving spouse/partner would likely ‘hinder’ the business, or sell to a competitor because they got a better price for their share.
The bank would likely call in the debt because the ‘risk’ had changed and likely the contract did not include a clause for such a situation. And, customers would likely question the adequacy of the business leadership and move their trade to a competitor.
This is a HIGHLY SPECIALISED area of inheritance law. The good news is; that Edmunds and Eve will ‘sound-out’ all the business and family matters and set up a Will Plan where all concerned are content. It would avoid a court battle over the scraps and save a huge pile of money and stress.
If you would like to know how the law might affect your wishes and family circumstances, then feel free to contact us for a confidential discussion. Call 0118 9 740 130 or complete the email enquiry box and we will be in-touch shortly.
Please note that the above illustrations are for general information purposes only and should not be taken as legal-financial advice. You should consult a qualified professional before making any legal or financial decision that affects your person, your family or your business in relation to the contents of this website. See our Terms.