What happens to your company shares if you die?
How do your company shares pass under your Will? It is easy to get this wrong. Often, the company Articles will restrict transfers to trusts or even to spouses. If your Will leaves everything to your spouse then you might be breaching the Articles so the transfer cannot be effected. Is it appropriate for your spouse to take your shareholding over? Will they ‘step into your shoes’ in running the company? Would it be better for shares to be held in trust, and people who understand the business involved as trustees so that things do not fall apart? You can leave a ‘letter of wishes’ with your Will asking your trustees to deal with the business as you would want, after your death.