You’ve built your business. Now make sure your family is protected too.

Business owners pour years of energy into growth, strategy, and resilience, but often neglect the one area that matters most: safeguarding their family if the unexpected happens.

Ask yourself:

  • If something happened to you tomorrow, would your family be financially secure?
  • Would your business transition smoothly, or descend into uncertainty?
  • Could your loved ones access funds, or would everything be tied up in legal and ownership issues?

Growing a business is one thing. Protecting its legacy is another.

Here’s how to ensure your family and your company are both future proofed.

Start with a Comprehensive Estate Plan

A solid estate plan ensures your assets, personal and business are passed on according to your wishes and without unnecessary burden on your family.

Wills

With changes to Inheritance Tax never far from a government announcement, regular Will reviews are vital. A well-drafted Will can maximise available tax reliefs, ensure business assets pass to the right people, and provide certainty at a time of instability. Working collaboratively, your solicitor and accountant can structure your estate to minimise tax while protecting dependants.

Trusts

Trusts offer greater control over how and when assets are accessed. They can shield family wealth from tax, creditors, and disputes. For business owners, trusts can also support a smooth transfer of ownership and safeguard future generations.

Protect Family Interests with Shareholder or Partnership Agreements

Formal agreements are essential if you co-own your business. They set out what happens on death, incapacity, or withdrawal and ensure:

  • Your family receives fair value for your share
  • Shares don’t fall into unintended hands
  • The business continues without disruption

Put a Business Lasting Power of Attorney in Place

If you become unable to make decisions, a Business LPA allows a trusted person to:

  • Access company bank accounts
  • Sign contracts
  • Make operational decisions

Without it, your business could face frozen accounts and stalled payments at the worst possible time.

Separate and Diversify Personal Wealth

Protect your family by not tying everything to your business success.

  • Build investments outside the company
  • Keep personal and business finances clearly divided
  • Reduce exposure to business liabilities

This ensures your family remains financially secure, regardless of market conditions or business performance.

Plan Succession Early

Who leads the business if you’re no longer there? A succession plan should cover:

  • Ownership transfer and voting rights
  • Leadership structure
  • How the business will be valued

Plans can evolve, but they must be written, discussed, and reviewed regularly.

Insurance: Your Financial Safety Net

Insurance can be the difference between stability and crisis.

  • Life insurance: Replace income, pay taxes, or fund shareholder buy-outs
  • Critical illness/disability cover: Protect your family if illness prevents you working
  • Review cover regularly to ensure it reflects current business value and family needs.

Legacy Planning: Growth Is Temporary. Legacy Is Permanent.

A joined-up plan, combining Wills, trusts, company agreements, succession and insurance, protects everything you’ve worked for. It’s time to move beyond growth plans and focus on legacy plans.

Speak to our Private Client & Corporate Teams to build a bespoke Legacy Plan for your business and your family.

The content of the article is not intended to constitute financial advice and is informational only