Legally Protecting Your Finances and Assets in the UK

Save yourself the time and hassle of finding the best protection for your money with our business legal services. First Choice Group Ltd provides a variety of legal solutions for business owners of all sizes, including sole traders, partnerships, directors, and shareholders. The services that we provide include business protection, business wills, and cash flow solutions, while we also offer support regarding workplace pensions.

Protecting Your Assets

The reality is that very few of us even consider that there is a genuine need to protect our interests in a business even though that business may be the sole or main source of income for our family. While there are a number of insurance products available to business owners, the most common being 'key man insurance', the scope of this type of protection is limited. It provides a lump sum that can be used within the business to replace the individual losses. However, this fails to go as far as protecting the business owner's actual interests and those of their family.

At First Choice Group Ltd, our solution is to set up very specific lasting powers of attorney, through which we independently appoint the client's accountant or financial advisor as one of a number of attorneys to ensure that the level of protection required is actually available. This gives peace of mind to our clients and their family because the appointed attorney is, more often than not, well known to them. The Office of the Public Guardian must be paid £82 for this service, while we charge an additional £495 plus VAT for our work.

Heavily Regulated Work

It should be noted that, at this stage, all of the work that we undertake is fully regulated under the Mental Capacity Act 2005. It is further protected by registration with the Office of the Public Guardian.

The Power of Attorney Process

The process requires input from the client and their accountant for the provision of information. The steps are as follows:

Stage 1 - Taking Instructions and Providing Initial Advice

Stage 2 - Collecting Information from the Client and/or Their Accountant
Stage 3 - Selecting and Informing the Chosen Attorneys
Stage 4 - Drafting Documentation
Stage 5 - Arranging for Execution of the Documentation
Stage 6 - Registering the Documents with the Office of the Public Guardian
Stage 7 - Providing Original and/or Certified Copies to the Client and Their Accountant

Wills for Business Owners

Only three out of 10 adults in the United Kingdom have actually executed a will, a figure which drops to 5% in adults who are business owners or have a business interest. Your business is an asset with value, and as such it adds value to your estate. 

The significant fact about business interests is that, in many instances, they carry an entitlement to certain reliefs which can remove them, almost entirely in certain circumstances, from your estate on death, resulting in zero liability to inheritance tax for that business interest. There are a number of qualifying conditions, however, all of which we are happy to discuss with you at your convenience. £295.00 + VAT.

Ensuring a Simple Process

Our business wills service ensures that your will complies with any conditions imposed upon you by your bank, your partnership agreement, or your shareholder agreement. Remember, if your will does not comply with those conditions, leaving your business to your spouse, partner, children, or other beneficiaries may not be as straightforward as you would wish.

Contact us now to obtain more information

about our business protection and legal services.

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