The business owner can write their plan under trust, with the beneficiaries being the other partners, members or shareholders in the business.
This ensures that the surviving co-owners have the necessary funds to buy a deceased or ill person’s share in the business and don’t end up with an unintended or undesirable business partner or shareholder, such as a surviving spouse, child or unwelcome third party.
This trust is only available as a discretionary trust.
We know processing a trust application can be a struggle - especially when you need so many signatures.
Our signature free business protection and relevant life plan trust process allows you to complete the application for your client without having to wait for signatures from nominated trustees or your client - making the process simple.
Please note this is a guide and shouldn’t be relied on as actual advice.