Death in contract....

[stek]

Just occurred me really, I've got a fair wad of cash in the company, not astronomical, but would be worth bitching over if I popped my clogs.

Thing is, I'm not married, I live with my partner, but she's not an employee or directory or shareholder or signatory or anything, just me.

I've five kids, four over 18, one nearly 16, from a previous partner I'm divorced from, if I do keel over, what will happen and what can I do apart from 'have you asked your solicitor'? I'm from Bolton, no one I know has a solicitor...

Added to that I am rather stupidly one of those who thinks that making a will is tempting fate - I know, I know!!

Can I make my partner or my most sensible kid a director for no salary and no shareholding so they can have all the access to sort it out in the event of my demise?

I'm not in any immediate risk, but I've had a heart problem (under control) and I'm 55 and well aware of my mortality.

[BrilloPad]

Don't make them a director! HMRC will hound them into the ground to sort out the mess.

Just make a will.

What do you want to happen to your assets after you go?

[DaveB]

Make a will.

Decide up front who you want to get what then get down to your local solicitors office and get them to draw it up. Should take no more than 30 mins.

If you don't the whole lot will go into court administration and will take years and some expensive lawyers to sort out.

[stek]

Don't make them a director! HMRC will hound them into the ground to sort out the mess.

Just make a will.

What do you want to happen to your assets after you go?

Yeah hear ya...

How will a will give my successors access to my company stuff? Power of attorney? Suppose I'd better do a bit more research but this sort of thing you try to just sweep under the carpet...

Or just fooking spend it all before I pop off!!

[stek]

Now I feel like my death is imminent because we're all talking about it

[northernladuk]

Now I feel like my death is imminent because we're all talking about it

What phone have you got? Can I have it?

[DaveB]

Yeah hear ya...

How will a will give my successors access to my company stuff? Power of attorney? Suppose I'd better do a bit more research but this sort of thing you try to just sweep under the carpet...

Or just fooking spend it all before I pop off!!

If you are the sole shareholder then whoever you leave the shares to has to appoint a new director of the company, who can them proceed to wind it up, distribute funds etc.

If you leave shares in your will then it might be safest to leave them all to one person or a majority to one person to allow them to make decisions without it being challenged. You could add clauses to determine who gets how much cash after it has been wound up.

A solicitor should be able to sort all this out for you.

[stek]

What phone have you got? Can I have it?

iPhone 7Gti - prerelease.

[BrilloPad]

Yeah hear ya...

How will a will give my successors access to my company stuff? Power of attorney? Suppose I'd better do a bit more research but this sort of thing you try to just sweep under the carpet...

Or just fooking spend it all before I pop off!!

A very good question. I am assuming my accountant will clean up the mess. All taxes will be paid - then any residual will go to my wife/children/ex-wives/hookers.

What I don't want is anyone else being a director. They are then expected to provide invoices, company returns, etcetc. They might get banned from being a director. You know what HMRC are like.

[jamesbrown]

iPhone 7Gti - prerelease.

Sounds buggy. Can you let us know when you've upgraded to a stable release and how we can then go about claiming it?