S2 Ep6 - Estate Planning for Business Owners: Why You Need a Will

In Series 2, Episode 6 of the #TVLawyer Podcast, Melinda Giles talks to Roy Daby, Managing Partner and Head of Commercial Law at Giles Wilson, about how vital it is that business owners and directors have Wills and Powers of Attorney in place to protect their company and their loved ones should the worst happen.Many business owners – even the most strategically-minded ones – often delay discussions about what will happen when they pass away. Here, Melinda and Roy explain why you should have these conversations about a Will or Powers of Attorney as soon as possible, and the dangers of leaving this until it is too late.In this episode, they discuss:The importance of having a Will as a business owner or company directorThe value of organising Powers of Attorney should you one day lose mental capacityHow working with a commercial solicitor saves company directors time, money and stressThe need to update your Will as your company or personal life evolvesThe relationship between your limited company and your WillTax reliefs you may be entitled to as a company owner or directorWhy you must have a professionally-made, carefully-worded shareholder’s agreement