It is often stated that up to 70% of the population does not have a will. In my experience this is not the case, it would be more correct to state that up to 90% of all Share Owning Directors do not have an up to date will that incorporates tax planning specifically for Directors and relating to the tax efficient distribution of the shares in their companies.
This failure will inevitably lead to higher Inheritance Tax being imposed upon their dependents. Plus if there are other Directors, problems with the control and continuation of the trading company.
The cost of preparing a properly constructed will and any associated documentation is relatively low compared to the legal costs that may follow on from poorly drafted documentation. A will for most people is a high consequence transaction, not only financially but also potentially emotionally.
To ensure the proper care of your family and the future control business, it should be the number one priority for Directors to obtain proper succession planning.