The Business Exchange Bath & Somerset Issue 16: Summer 2020 | Page 33

COMMUNITY VOICES siness ick o Ben Mason, CEO, kinherit This can throw both members of the business and their family into turmoil, adding financial stresses into the mix at an already difficult time. Sometimes it is possible to put processes in place for remaining shareholders. However, the best protection is advance planning. 3. Put paperwork in place Putting a will, shareholder agreements and business insurance in place in advance will help to keep a business running more smoothly should the worst happen. A business trust can also help protect against hefty bills and events such as a surviving spouse remarrying. Businesses can also put a Power of Attorney in place to make business decisions alone. It’s important to prepare for the possibility of having an owner unable to make decisions for a time. Ben Mason is the CEO of end-of-life planning firm kinherit which provides secure Will-writing and complex trusts. He also heads Futures Protected, which offers insurance to protect a business against financial losses in the event of the death or critical illness of an owner. kinherit A Revolution in End-of-Life Planning @kinheritltd 0117 302 1888 [email protected] be the foundation. w Will or robate, it on chat. fixed, only pay le with why. 0117 302 1888 THE BUSINESS EXCHANGE 2020 17