Alan
Business Protection
Meet Alan
Alan owns a limited company, has two children and is married. There are two shareholders; Alan who owns 85% and his sister who owns the remaining 15%.
Currently, the way the company is structured, Alan’s wife would inherit his shareholding if he were to die. Alan’s wife has never been involved in the company and has no interest in doing so.
Alan wanted to ensure the business could continue to trade beyond his lifetime. He also wanted to ensure his sister can buy his shareholding in the event of his death.
What we did
We recommended a life insurance policy with a sum assured equal to the value of Alan’s shareholding should be set-up and funded by the company with Alan as the sole life assured.
We recommended the policy should be written in trust with a cross-option for the benefit of Alan’s sister.
In the event of Alan’s death, the proceeds of the policy would be paid to the trust and the cross-option agreement would ensure the money is used solely to purchase the shares from Alan’s wife. An addendum was made to the will and a Power of Attorney was also set-up.
We recommend the same to Alan’s sister to ensure the same issues would not apply to her.
Today
A structure was now in place to ensure the business could continue to trade beyond Alan’s lifetime without the additional stress of needing to raise money.
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