Tom and Jack run a kitchen fitting business together. They have been business partners for 6 years and both are married with children. Initially Jack contacted A R K to ask about making Wills with his wife, Lisa.
It quickly became apparent that Jack’s business interests needed to be protected in his Will. It was important that his Will didn’t contradict the Partnership agreement that was already in place. It was also important that Jack named Tom (alongside Lisa) as executor for the business, as Tom would know much more about business assets etc.
Jack knows that Lisa wouldn’t want to have any involvement in running the business if anything happened to him, so he and Tom have set up Key Person insurance which means that if Jack were to die, Tom would have the money to buy Lisa out. This would be a win-win situation for both parties.
Tom also ended up making Wills with his wife so that they were all covered in the same way.
There are many things to thinks about when including businesses in Wills, and we are there to make sure all angles are covered.
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