Will your family benefit in the event of your Death?

How will your family benefit in the event of your Death?

The death or diagnosis of a critical illness of a Director or Partner can put huge strain on a business and not just in a financial sense. It is not uncommon and recent statistical evidence suggests that in a business with four Directors/Partners aged 40, there is a 24% chance of one of them dying before reaching age 65 and a 74% chance of one of them suffering from a critical illness.

The financial strain might take the form of loss of profits leading to cash flow problems and potential issues with lenders or simply additional costs in terms of recruiting a suitable replacement to the business. However, one key issue that many businesses miss is how the death will be dealt with in terms of the ownership of the share of the business belonging to the deceased.

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Call one of the Hammond Raggett and Company team on 0161 834 2222 to discuss how we can help you, or press the button below to be directed to our contact form.

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