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Ok. Got itTracy Muller, Head of Fiduciary at Nedbank Private Wealth unpacks the impact of your death on your business, employees, and loved ones.
The health, psychological, and economic roller-coaster ride brought about by the pandemic has been a stark reminder of how quickly things can change and how unpredictable life is. However, while we cannot always control what happens, we can control the plans we put in place to deal with the impact of unexpected events.
Having the right legal and business ownership structure in place and understanding its implications is critical to managing the impact of your and/or your business partner’s death on your employees, suppliers, and/or anyone else relying on your business to some extent. If you have not put any business continuity plans in place or are uncertain of the implications of your plans, we highly recommend speaking to your wealth manager for professional estate planning and structuring advice. The table below provides an overview of the various options, for your information.
With any existing plan, it is also critical to keep in mind that the lengthy and complex process of winding up an estate is currently exacerbated by the extensive delays in the appointment of executors by the Master of the Hight Court because of Covid-19. It can take months for a letter of executorship to be issued, which can have a significant impact on those left behind.
A. Sole proprietor | |
Risks | Potential solution |
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B. Partnership | |
Risks | Potential solution |
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C. Company with the business owner being the sole director and shareholder | |
Risks | Potential solution |
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To make informed decisions about your business ownership structure and avoid disaster, or if you have any questions about the different legal structures, speak to your wealth manager today. With expert advice you can have peace of mind about the future of your business and your loved ones, despite life’s uncertainties.