One area business owners should consider is what happens to their business if they die.

This largely depends on the way the business is owned. It may be 100% owned by one person, be a partnership or it may be a large business with many owners.

In many of the larger companies where there are multiple owners, the arrangements may be specified if an owner was to die or incapacitated and unable to work anymore.

This is in a business document (often called a Business Succession Plan) separate from the individual’s Will.