Inheritance

[texto]

Good Evening!

I'm the director of my own company (100% shareholder) and wife is the scretary but she does not draw any salary or dividends. How do I ensure that funds in my company pass on to my wife in case I die? In a personal bank account, you can add a nominee but what do you guys do for a business bank account?

TIA
texto

[tim123]

you bequeath your shareholding to her.

(Is the solution really not completely obvious)

tim

[texto]

you bequeath your shareholding to her.

(Is the solution really not completely obvious)

tim

How? You mean by writing a will or something?

[Moscow Mule]

Your shares are an asset which will pass to your wife on your death (assuming she is the only benefactor).

[slackbloke]

Good Evening!

I'm the director of my own company (100% shareholder) and wife is the scretary but she does not draw any salary or dividends. How do I ensure that funds in my company pass on to my wife in case I die? In a personal bank account, you can add a nominee but what do you guys do for a business bank account?

TIA
texto

Do you have children? Have you written a will?

[tim123]

How? You mean by writing a will or something?

I suggest you buy yourself a dictionary.

tim

[phileds]

I thought only the director(s) could declare a dividend. If the sole director is dead, how can the wife then get a divi?

Also, when would she get the shares? It took me over a year to get probate granted on a relative's estate. It can take longer.

I also believe it causes immense hassle if there's only one signatory for your business account. Make someone you trust an additional signatory on your company accounts.

In short - talk to your accountant.

[texto]

I suggest you buy yourself a dictionary.

tim

I suggest you learn to be humble and not write in a condescending arrogant way. 'Super poster' you may be but not one that earns a lot of respect. You may want to look up the word 'arrogance' and 'respect' in the dictionary!

[texto]

Thanks all. I'll have a chat with my accountant and do a bit of digging.

[tim123]

I suggest you learn to be humble

Why.

It wasn't me who asked a question, the answer to which could be found by looking in a dictionary.

This is a board to help people with genuine, hard to find the answer, problems, not the lazy.

and not write in a condescending arrogant way. 'Super poster' you may be but not one that earns a lot of respect. You may want to look up the word 'arrogance' and 'respect' in the dictionary!

I know perfectly well what the words mean, thank you

tim