Wills, Trusts & Estates · Business Owners
Part of our wider Wills, Trusts & Estates services
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.
No obligation — talk through your options first. Costs explained clearly.
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 PlanningDarren 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 PlanningLaura 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 PlanningDavid 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 AdministrationNikolina supports business owner clients through estate administration — including estates involving business interests, shareholder agreements, and complex asset structures.
Related estate planning services
Inheritance Tax Planning
IHT mitigation strategies, lifetime gifting, and nil rate band planning.
Trusts
Discretionary, life interest and protective trust structures.
Farmers & Rural Landowners
Agricultural Property Relief and farming estate succession.
Landlord Company Structure
IHT on property company shares, pre-emption rights, and share succession.
Inheritance Tax Calculator
Estimate your inheritance tax exposure in under two minutes.
Professional Referrers
Information for accountants and IFAs referring business owner clients.
Case Studies
Anonymised examples of tax savings achieved for business owner clients.
Related: Probate
Probate Solicitors
Grant of probate, estate administration and executor support.
Applying for Probate
How to apply for a grant of probate — step by step.
Full Estate Administration
We manage the entire process from asset valuation to final distribution.
Executor Advice
Practical guidance for executors — duties, liability and family disputes.
Do I Need Probate?
When probate is required and when it is not.
Probate Fees
Transparent pricing for probate and estate administration.
Related: Lasting Power of Attorney
Lasting Power of Attorney
Appoint someone you trust to manage your affairs if you lose capacity.
Types of LPA
Property & Financial Affairs vs Health & Welfare — which do you need?
Making an LPA
Step-by-step guide to making a lasting power of attorney.
LPA Costs
Solicitor fees, OPG registration fees and what affects the total cost.
Registering an LPA
How to register an LPA with the Office of the Public Guardian.
Court of Protection
If a loved one has lost capacity without an LPA, a Court of Protection order may be needed.
Protect your business. Plan your succession.
Speak to a specialist about wills and estate planning for your business. Costs explained clearly before any work begins.
No obligation — talk through your options first. Chester, Cheshire & North Wales.
Frequently Asked Questions
Do I need a special will as a business owner?
Yes — a standard will is unlikely to address the specific issues that arise when you own a business. A business owner's will needs to deal with your shares or business interest, any cross-option agreements with co-shareholders, Business Property Relief planning, and instructions for your executors on how to deal with the business. Without a properly drafted will, your business could be disrupted or your estate could face an unexpected inheritance tax liability.
What is Business Property Relief and does my business qualify?
Business Property Relief (BPR) is an inheritance tax relief that can reduce or eliminate the IHT payable on qualifying business assets. Shares in an unquoted trading company, interests in a business, and certain other assets can qualify for 100% or 50% relief. However, the relief is not automatic — HMRC can challenge it if the business holds significant non-trading assets (such as investment property or excess cash). We advise on eligibility and how to structure your estate to maximise BPR.
What is a cross-option agreement and do I need one?
A cross-option agreement (also called a buy-sell agreement) is an arrangement between shareholders that gives the surviving shareholders the option to buy the deceased's shares, and gives the deceased's estate the option to sell them. Without one, your co-shareholders may find themselves in business with your family — and your family may be unable to realise the value of your shares. A cross-option agreement, combined with life insurance to fund the purchase, is essential for most businesses with multiple shareholders.
How has the 2024 Budget affected Business Property Relief?
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. We advise on the impact of these changes and the planning options available.
What happens to my business if I die without a will?
If you die without a will, your business interest will pass under the intestacy rules — which may not reflect your wishes. Your shares could pass to a spouse or children who have no role in the business, creating conflict with co-shareholders and potentially disrupting the business. Without a cross-option agreement, your co-shareholders may have no mechanism to buy out your estate. Making a will that addresses your business interests is essential.
Can I use a trust to protect my business assets?
Yes — discretionary trusts can be used to hold business assets and provide flexibility for future generations. However, the tax treatment of trusts holding business assets is complex, and the wrong structure can create unexpected tax liabilities. We advise on trust structures for business assets as part of a wider estate planning review.
Do I need an LPA as a business owner?
Yes — a Lasting Power of Attorney for property and financial affairs is essential for any business owner. If you lose capacity without an LPA in place, no one has the legal authority to manage your business affairs. This could mean contracts cannot be signed, bank accounts cannot be accessed, and the business cannot function. An LPA should be drafted with your business interests in mind — specifying who can act and what decisions they can make.
Request a free initial consultation
Tell us about your business and estate and we will explain your options — no obligation, costs clear from the outset.