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Sole director dies

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    Sole director dies

    I'm sure this has been asked before but I've not found anything.

    I'm in the process of writing a will.
    MyCo is owned by me and Mrs. L.
    I am the sole director.

    If I die I intend for her to get all the assets. But she'll need help closing the company and dealing with the liabilities (tax).
    What do others on here do?
    The company bank has me as sole signatory so I'm not sure what they'd need. Is it just as simple as a death certificate and proof of ID for the executor?

    Cheers,
    Lance.
    See You Next Tuesday

    #2
    Make her a director now, sorted.

    Comment


      #3
      Originally posted by TheCyclingProgrammer View Post
      Make her a director now, sorted.
      Is this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier

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        #4
        Make sure she knows who the accountant is, and how to contact them.

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          #5
          Originally posted by vwdan View Post
          Is this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
          IMO it is. She'll still need help - so make sure you've spoken with your accountant too. Ideally, the situation you want to be left in is that your spouse can let the accountant deal with anything with her signing off anything that needs a Director's sign-off.

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            #6
            Originally posted by vwdan View Post
            Is this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
            Don't want to make it too easy. Might start to look an attractive proposition ahead of time.......
            'CUK forum personality of 2011 - Winner - Yes really!!!!

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              #7
              Originally posted by vwdan View Post
              Is this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
              it's easy. Until she realises that she will have fiduciary responsibilities and legal obligations

              It's an option but I was wondering what other possibilities there may be.
              See You Next Tuesday

              Comment


                #8
                Originally posted by Lance View Post
                it's easy. Until she realises that she will have fiduciary responsibilities and legal obligations
                Legally yes, but in practice, as long as you're around does it really matter?

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                  #9
                  Check what the company AoA say - the model articles include a provision around this, IIRC.

                  Having an additional officer of the company now makes the process smoother, but there are mechanisms for the transfer to happen on death. But start with your Articles.
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                    #10
                    Discussed briefly here

                    http://forums.contractoruk.com/accou...ml#post2226867

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