Protecting your business and families interests is vital these days and putting this protection in place before anything happens makes perfect sense.
In this video family solicitor and partner Justine Osmotherley talks to us about how Clarion Solicitors helps people get the right protection for their business.
If you have any questions then call Justine on 0113 336 3323 or email email@example.com
At Clarion we recognise that clients have different needs and requirements. Our experienced and talented lawyers provide an excellent range of business and private client services. We listen and understand our clients’ real issues and objectives in order to provide effective, bespoke legal advice.
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As a matrimonial lawyer people often think that we spend most of our days dealing with relationship breakdowns.
Whether it’s a divorce or separating couple but actually a large part of the work that we do is in relation to planning work with our clients.
Whether it’s prenups or postnups.
So what I want to do today is just talk like this about the work that we’re doing with our business owners.
It’s vitally important that people protect for their future.
Whether it’s a will or a trust or that type of document and so therefore the private claim team and the corporate
team work very closely together with our business clients to make sure that all the correct corporate documents are in place.
Whether this is as I say wills and trusts or checking the shareholder agreement matches the wishes of the parties.
Sadly we’ve seen on occasions when this hasn’t been done someone’s died and the business has actually going to financial meltdown because the probate hadn’t been dealt with as quickly as it perhaps could have been due to the wishes of the individual not being correctly recorded in the shareholder agreement and in the will.
What we try and do with our clients is work with them quite a bit of the way before these documents will be needed so that they can take the time to make the decisions and also make sure that they have everything in place so that if they want to exit the business by retirement or a buyout they have everything in place that they need.
The matrimonial team can often help with these documents in relation to prenups and postnups.
A prenuptial agreement is a document entered into before marriage and a postnuptial is the same agreement but it’s one that’s entered into after the parties have married.
What these documents can do is reduce the uncertainty so that if and not when a marriage breaks down all the parties to the marriage know exactly what is to happen to the assets.
We find this is particularly useful in a business environment when people may not want their other spouse to have shares in the business or equally if someone has an inheritance that they believe should be passed down their bloodline rather than via a divorce so what we can do is work with the parties to make sure that these documents are correctly and legally drawn up to help the parties moving forward should there be any difficulties in the marriage.
We hope that these just gather dust on the shelf but then there if they are needed.
What we can do therefore is work with our business clients to look at whether, if they’re buying into a business, they would want these shares of the business to be protected should the relationship end or should the be difficulties if some stage within the marriage.
We often find as well that the other shareholders in the company quite pleased for these documents to be drawn up and can be accurately reflected within the shareholder agreement and protected this way.
It’s very important that succession planning is thought about obviously as a matrimonial lawyer we do tend to deal with relationship breakdowns but equally it could be that someone in the business dies.
What we’ve done at Clarion is we’ve put together a fixed fee package so there’s certainty on costs which people like the business can pay for some of these documents drawing up because it involves the shareholder agreement or the partnership agreement and then we also ensure that the individual has a real power of attorney and that if they have any assets that may be in trust such as a pension that they can be protected in the correct trust also.
We can also help people with the tax planning side of things so again we’ve helped people in the past save on
inheritance tax and to ensure that the documents that are drawn up can claim the suitable business property relief.