Dealing with MyCo on my death

[meanttobeworking]

A bit morbid, but is there any suggestions on how best to make sure that MyCo is handled to the benefit of my wife/kids should I suddenly go under a bus? I'm assuming the main activities would need to be:

1) Issue any necessary invoices for recent work
2) Ensure payment received
3) Process expenses and do final calculations on VAT/CT, send money and returns when necessary
4) Issue final dividend
5) Close company
6) Close bank accounts

Currently, we own 50% of the shareholding each - obviously I'd be dead and she'd inherit my shares (I presume this would need to be explicitly stated in a will).

Obviously my accountant would have the knowledge and ability to do most of the above, but obviously not the legal authority.

Edit: Sorry, should have been in Accounting/Legal

[BrilloPad]

Bigger issues are getting a will and making sure you have sufficient life benefit.

When I got married the amount of protection my wife got went down alot until I rewrote my will. Dying intestate if you have kids can be very unpleasant.

When a contractor I took out 500k of life benefit - any higher and my wife would have been driving the bus.

[Scoobos]

[Notascooby]

Maybe worth writing out a small guide for the better half - makes me think I should do something about this myself.

I've taken out life assurance through my company as well and injury / sickness protection to cover that side of things but not sure how she'd raise a final invoice / close down the company.

Reminds me, better get a will sorted...

[meanttobeworking]

Thanks for the tips (and for the laugh, BP)

[tarbera]

get your wife

to wheel barrow your still warm body into the client site and site you there until someones suspects you are dead then get the time sheet signed

[wim121]

Bigger issues are getting a will and making sure you have sufficient life benefit.

When I got married the amount of protection my wife got went down alot until I rewrote my will. Dying intestate if you have kids can be very unpleasant.

Indeed. One thing couples should do is not just write a will for themselves but a joint one.

OP, if you see your solicitor or get a good local reasonably priced one on recommendations, they will do you a joint will for not too much more than a single one. I was quoted £40 for a single, £55 for a joint.

The advantage is, you dont know if you are going to snuff it, she is, or both of you are wiped out at the same time.

If she dies, you will need time off and have many issues. Her having a will with you will stop others trying to leech half your company or home. Never underestimate grief and money as a motivator to other family members to do bad things.

Then there are the issues you fear if you die. What if you both die though? Who will look after the kids? Who will get what?


My recommendation to make things more airtight and cheaper on the solicitor side is to write down everything before you go to the solicitor. They will do the wording, but you and the missus need to decide what is going to happen in all eventualities, what you both want in terms of funerals, etc etc. Also check what benefits you hold elsewhere. Is your home/mortgage insurance sufficient to pay off the house for example in not just death but critical illness?

It is never too young to think about it. I'm in my late twenties and have a will and a living will/wishes where legally recognised. My family know exactly what I would want to happen, should I ever be incapable of communicating that due to severe injury or death.

[Nixon Williams]

Obviously my accountant would have the knowledge and ability to do most of the above, but obviously not the legal authority.

It might be worth checking that they would be there to help in case this happens. Sadly, we have experienced this and we provide full support to the family at no extra cost.

Alan