Wills & Estate Planning for Business Owners

Your business is likely your most valuable asset. Without a will and succession plan that addresses it specifically, your business — and the livelihoods of everyone who depends on it — can be put at serious risk when you die.

We advise business owners on Business Property Relief, shareholder wills, succession planning, and structuring your estate to protect what you have built. Chester-based, acting across Cheshire, North Wales and England and Wales.

SRA Regulated

STEP Member — Darren Steele

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Chester, Cheshire & North Wales

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Who this is for

This page is for sole traders, company directors, shareholders, and partners in professional practices who need a will and estate plan that addresses their business interests — not just their personal assets.

Sole traders and self-employed

Your business assets — goodwill, equipment, client relationships — need to be addressed in your will. Without a plan, they may be lost entirely on your death.

Company directors and shareholders

Your shares in a private company are a significant asset. Without a shareholder will and cross-option agreement, your co-directors may find themselves in business with your family — or vice versa.

Partners in professional practices

Partnership agreements often contain provisions triggered by a partner's death. We advise on how your will should interact with your partnership agreement to protect your family's interests.

Business owners with significant value

If your business is worth £500,000 or more, Business Property Relief may eliminate IHT on qualifying business assets. We advise on eligibility and how to structure your estate to maximise this relief.

The risks of no business succession plan

Without a will that addresses your business interests: your shares may pass to a family member who has no role in the business; your co-directors may be unable to buy out your estate without a cross-option agreement; HMRC may dispute Business Property Relief if your estate is not structured correctly; and your business may need to be wound up to pay inheritance tax. These are avoidable outcomes with proper planning.

What we advise on

Business Property Relief assessment

We advise on whether your business assets qualify for BPR — which can reduce or eliminate IHT on qualifying business interests — and how to structure your estate to maximise this relief.

Shareholder and director wills

We draft wills that address your business interests specifically — including provisions for your shares, cross-option agreements with co-shareholders, and instructions for your executors on dealing with business assets.

Succession planning

We advise on how to pass your business to the next generation — whether to family members, management, or a third party — and the estate planning implications of each approach.

Trust structures for business assets

Discretionary trusts can be used to hold business assets and provide flexibility for future generations. We advise on the tax implications and practical considerations.

Lasting Power of Attorney for business

If you lose capacity, who runs your business? An LPA for property and financial affairs is essential for any business owner — and should be drafted with your business interests in mind.

2024 Budget — Business Property Relief changes (in effect from April 2026)

From 6 April 2026, Agricultural Property Relief and Business Property Relief are subject to a combined allowance of £2.5 million at the 100% relief rate. Assets above this combined threshold will only attract 50% relief — meaning IHT will be payable at an effective rate of 20% on the excess. This is a significant change for business owners with high-value enterprises. Estates that previously faced no IHT on business assets may now face a substantial liability.

The £2.5 million allowance applies across APR and BPR combined — so a business owner who also owns agricultural land must consider how the allowance is allocated across both types of asset. We advise on the impact of these changes and the planning options available.

The team advising business owners

Darren Steele

Senior Private Client Executive · STEP Member

Business Estate Planning

Darren has worked in the legal sector since 1998 and has been a STEP member since 2011. He specialises in complex estate planning for business owners — including Business Property Relief, shareholder wills, and succession planning for family businesses.

Laura Kirton

Wills & Probate Solicitor · 10 Years Qualified

Business Succession Planning

Laura regularly advises business owners on wills that protect both their personal and business assets. She works closely with clients' accountants and financial advisers to ensure the estate plan reflects the full picture.

David Stahler

Wills, Trusts & Estates Executive

Estate Planning

David is our first point of contact for business owners enquiring about estate planning. He brings a warm, personable approach to what can be a sensitive subject — and clients consistently remark on how at ease he makes them feel.

Nikolina Vukovic

Legal Executive — Wills, Trusts & Estates

Wills & Estate Administration

Nikolina supports business owner clients through estate administration — including estates involving business interests, shareholder agreements, and complex asset structures.