How do I leave my business in my will?

You can leave your business by gifting shares or assets, setting up a trust for it, or naming someone to run it—our online service guides you through each option.

Why it matters

Your business is often your most valuable asset. If you don’t plan for it, executors may have to sell it to pay debts, or family members might struggle to keep it running. A clear plan makes sure your business continues smoothly, protects jobs and honours the years you’ve put in.

Options for passing on a business

1. Gifting shares or assets
   • For a limited company, you can gift shares to a person or charity.
   • For a sole trader or partnership, you can gift equipment, stock or goodwill.
2. Trust-based wills
   • You can set up a business continuation trust, which holds your business until it passes to beneficiaries.
3. Appointing a successor
   • Name someone you trust—like a co-owner or family member—to take over management.
4. Combining methods
   • You might gift shares to one child and leave the rest in trust for others, to balance needs.

Key steps to include in your will

1. Value your business
   • Get a simple valuation so you know how much to leave or what percentage of shares to divide.
2. Choose beneficiaries
   • Decide who gets shares, assets or control. Be clear in naming them.
3. Add a letter of wishes
   • Write a private note explaining how you want the business run. This helps executors and courts understand your intent.
4. Name executors with expertise
   • Pick someone familiar with your business or hire a professional to assist.
5. Include backup plans
   • If your main beneficiary can’t run the business, decide who should step in.

Common mistakes

• Vague wording: “My business assets” without listing what they are can cause confusion.
• No valuation: Leaving an undefined share percentage can lead to disputes.
• Overlooking tax: Business gifts can have Inheritance Tax implications—our service flags these for you.
• Ignoring management: Leaving assets without naming a manager may force a sale.

Next steps

1. Try our Estate Planning Health Check to see how your business should be treated in your will.
2. Use our paid online will-writing service—it takes you through business-specific questions step by step.
3. After you receive your will, sign it with the two required witnesses and store it safely.

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