For business owners, drafting a will is essential – but not all people do it. And, even if you don’t do it, if the total value of your estate amounts to more than £325,000, there’s inheritance tax to pay. The current rate of inheritance tax is an eye watering 40%, which means that any value beyond that threshold will be much smaller than you may think. Avoiding paying more inheritance tax than you should is one benefit to writing a will, but there are many more.

Below, we’ll explore the significance of wills for business owners. We’ll include some things to consider to avoid potential disputes and ensure business continuity.