Business Will & Powers of Attorney

Legal advice on business wills and powers of attorney: Business owners should not hesitate to sort out their future bequest or inheritance to give the matter early and thorough consideration. From a legal perspective, every situation raises questions which without the relevant agreements carry out solely in accordance with the statutory provisions – and thus in accordance with the The legislature’s assessments.

Whilst the current legislation is intended to ensure a fair balance of interests, experience shows that this does not usually correspond to one’s own expectations and personal wishes. In all matters relating to the drafting of wills and powers of attorney, a highly qualified and experienced team of solicitors, specialist solicitors and tax advisers is on hand to assist you.

For entrepreneurs in particular, it is essential to ensure that testamentary dispositions are consistent with the provisions of company, commercial and tax law, and that they are subsequently subject to regular review. This requires a bespoke legal structure in order to ensure, with a reasonable degree of certainty, that the entrepreneur’s wishes are fulfilled. Standard will formats, such as the so-called „Berlin Will“, often lead to undesirable outcomes, particularly for business owners. For instance, this can prevent a child from joining the testator’s company, even though this was the testator’s actual intention. Furthermore, particularly in the case of larger estates, significant inheritance and gift tax allowances are often left unused. Legal planning – tailored to the individual case – thus safeguards both the core assets and the continuation and preservation of the business.

Granting of powers of attorney

In addition to a will, powers of attorney can be used to make arrangements that may take effect whilst the grantor is still alive. A business power of attorney ensures that the settlor’s wishes are carried out, particularly if they are no longer – or are temporarily no longer – able to independently arrange the matters set out in the power of attorney.

Consequently, by drawing up (business) powers of attorney and a will, it is possible to fulfil the wishes of the business owner – and, of course, those of private individuals – to almost any extent. With appropriate drafting, it is possible to achieve a solution that is optimal in terms of inheritance law, tax law and company law.