The priority of anyone with a business to run is to see it succeed. In many cases dedicated bosses spend lifetimes building a up company - but is that same dedication given to considering what happens in the event of their death?

Surprisingly, recent research has uncovered that there’s quite a large number of business owners out there who do not have up-to-date wills in place, and that’s a cause for concern.

Bosses need to take care of business after they’ve gone for it’s not as simple as just expecting a partner, spouse or children to automatically inherit. Succession planning is one of the most important decisions any owner needs to take for without it, and an appropriate will, all kinds of difficult complications can ensue.

For a start, if there isn’t a will an entire estate, including the business assets, will come under the rules of intestacy; and as these were written in the 1920s, it’s unlikely that they’re likely to accurately reflect what the 21st century owner is likely to want.

Furthermore, did you know that the legal requirement is, for other than limited companies, that any business that is owned by the deceased should be sold within 12 months.

That’s bad enough if survivors don’t want to sell but, if even if it does suit, what if during that time period, the economy is in recession and consequently the price is low and stays low? That could inflict a double blow to family members.

Some good reasons right away, then, to consider making a will, but there’s plenty of other things to make provision for in the event of an owner’s death or even illness.

1.Collecting the money. A business that continues after the death of the owner will still need to collect money and executors will need the power to be able to that. If there isn’t a will they can only obtain the monies when probate is granted, and that could be many months later – by which time the debtor could have disappeared.

2.Is it a partnership? That automatically ends when a partner dies. Putting a partnership agreement in place would resolve that. Also ask yourself, if it was your business partner who died, would you want their family to become involved?

3.Don’t assume. In the case of a family business, don’t expect it to be inherited by a member or members of the next generation. One child may have to buy their siblings out or make a claim against the estate. Quite apart from the family fallout, such a situation can only have a negative impact on the business itself. Having a will in place can avoid all that.

4.Similarly, don’t assume that your spouse will want to be part of the firm the event of your death, particularly if it’s a limited company in which you have shares. By devising a cross option agreement you can ensure that the other shareholders have first refusal on the shares.

Another valuable reason for business owners to make sure they have a will in place is the very considerable question of tax. Not only will it ensure assets are passed on to family members in accordance with your wishes, it can help you achieve the maximum savings on Inheritance Tax at every stage.

One way to do this is by leaving a business in trust - a very worthwhile step to take if it’s a concern that is likely to grow in value.The added advantage of a trust however is that it can be used to guarantee that the income from the business is protected for dependents, usually children. Leave it in a family trust and it can benefit a family for up to 125 years, all in an extremely tax efficient way.

So when you have put all that blood, sweat and tears into creating a business which will become a successful lasting legacy for your children and employees, you must make sure that you think not just about the future but beyond that future to when you are no longer there.

If you’ve not already done so, taking the first step means communicating fully and openly with both your family and business partners. Documenting what you eventually decide is the second, and where there’s a will, there will be a way to do just that.