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.
Case studies
Whether your concern is to do with ‘inheritance tax’, ‘power of attorney’, ‘making a Will’, ‘what is probate?’ etc., hopefully there is a real world example for you to compare to your own.
David and Bruce run a small engineering company in partnership. They started the business out of their redundancy packages two years ago to manufacture rotary oil pumps.
The scenario of the cohabiting couple in a new – ‘blended family’- after the death of a cohabiting partner or spouse, is even more convoluted than in COHABITING COUPLES.
With almost half of marriages ending in divorce and the increase in second marriages, the subsequent – ‘blended family’, creates its own unique problems in succession terms.
Albeit there has been a lot of changes in law recently to equalise the rights and options of SAME-SEX couples with those of MARRIED couples; at the present time, a cohabiting couple family does NOT HAVE similar rights and equalities.