Probate with Business Assets Solicitors in Stockport
Specialist Probate Services
Our specialist Probate Solicitors in Stockport and Manchester have extensive experience in dealing with estates that include business assets. Whether the deceased was a sole trader, a partner in a business, or a shareholder in a limited company, we provide legal support to help you manage probate matters with confidence.
Dealing with probate is never easy, and where a business forms part of the estate, there can be additional legal and practical issues to address. Alongside the usual responsibilities involved in administering an estate, there may also be matters to consider around business continuity, access to funds, employee obligations, tax liabilities, and the future ownership of the business itself.
At Mounteney Solicitors, we believe in giving straightforward legal advice in a way that is easy to understand. Our role is to guide executors, administrators and families through the probate process while also helping to protect the value of the business assets involved.
This service is led by Mary Ireland, our head of Estate Planning, a highly experienced professional with a strong background in estate administration and probate law. With over 20 years of legal practice, Mary and her team are known for their attention to detail, focused advice and compassionate support.
Mounteney Solicitors is fully regulated by the Solicitors Regulation Authority and has been serving clients across Greater Manchester since 2005. We are proud of the trust clients place in us to deal with sensitive probate matters carefully, efficiently and with a personal approach.
If you need assistance with probate involving business assets, contact our experienced team today to discuss how we can help.
How Our Business Asset Probate Solicitors Can Help You
Where business interests form part of an estate, early advice can help executors understand their authority, protect the business and make informed decisions. We can guide you through the legal process and, where needed, work alongside accountants, valuers and other professionals.
First steps if the deceased owned a business
In the first few days and weeks, it can help to:
- Confirm the business structure, for example whether it was operated as a sole trader, partnership, limited company or through shares in a company.
- Locate key business documents, including any partnership agreement, Articles of Association, shareholder agreement, insurance policies and recent accounts.
- Identify who has authority to make immediate decisions and whether urgent action is needed to protect the business.
- Notify the company’s bank, accountant and key suppliers where continuity is critical.
- Speak to the accountant about immediate cash-flow, payroll, PAYE, VAT and corporation tax issues.
- Check whether there are any insurance policies, such as key person cover or shareholder protection policies, which may be relevant.
- Take legal advice before continuing to trade, selling assets, transferring shares or winding up the business.
We can assist with probate applications, executor and administrator duties, company documents, business valuations, inheritance tax issues including Business Relief, and the transfer, sale or winding up of a business interest.
Our team are here to support you throughout and will explain matters so you understand both your legal duties and the options available.
Our Team of Specialist Probate Solicitors
What Is Probate With Business Assets?
Probate with business assets refers to the administration of an estate where the deceased owned an interest in a business or held assets connected to one. This may include a sole trader business, a partnership share, shares in a limited company, business premises, stock, equipment, goodwill, or other commercial interests.
Where business assets are involved, the estate may require consideration of both probate matters and wider business issues. Alongside identifying assets and distributing them in line with the will or the rules of intestacy, there may also be questions about ongoing trading, who has authority to act, how the business should be valued, and what steps should be taken to protect its value.
Our specialist Probate Solicitors can guide you through these issues, helping to ensure the estate is administered properly and the business interest is dealt with in a careful and effective way.
Why The Business Structure Matters?
One of the first issues to consider is how the business was structured during the deceased’s lifetime, as this will usually determine how the business assets are dealt with on death.
Where the deceased was a sole trader, the business and the individual are not separate legal entities. This means that the business assets and liabilities generally form part of the personal estate. Executors may need to consider whether the business can continue temporarily, whether it should be sold as a going concern, or whether it should be wound up in an orderly way.
Where the deceased was in a partnership, the position will often depend on the terms of the partnership agreement. In some cases, the surviving partners may be entitled to buy out the deceased’s interest. In others, the partnership may dissolve on death or give rise to further rights and obligations that need to be addressed before the estate can be finalised.
If the deceased owned shares in a limited company, the company itself will continue as a separate legal entity, but the shares owned by the deceased will usually form part of the estate. It may then be necessary to review the company’s Articles of Association, any shareholder agreement, and any provisions affecting the transfer of shares on death.
Because each structure has different legal consequences, it is important to take advice at an early stage.
Valuing Business Assets During Probate
In order to administer the estate properly, business assets usually need to be valued as at the date of death. This is an important part of the probate process and may also have significant inheritance tax implications.
Valuing a business interest is not always straightforward. The value may depend on the type of business, its assets and liabilities, its profitability, the terms of any partnership or shareholder arrangements, and whether the deceased held a controlling or minority interest. In some cases, goodwill and other intangible assets must also be considered.
We can assist by working with suitable professional valuers and accountants to ensure that business interests are assessed properly and reported accurately as part of the estate administration process.
Inheritance Tax on Business Assets
Inheritance tax can be one of the most important issues in an estate involving business assets. Depending on the circumstances, Business Relief may be available to reduce the taxable value of qualifying assets.
Whether relief is available will depend on the nature of the business and the asset in question. Broadly, relief is more likely to apply where the business is wholly or mainly trading rather than investment-based, but every estate must be considered on its own facts.
This is an area where careful legal advice is important. If the position is misunderstood or incorrectly reported, the estate may face an unnecessary tax liability. Our team can advise on the likely availability of Business Relief, assist with the probate process as it relates to inheritance tax, and work alongside tax professionals where more detailed support is needed.
Transferring Or Selling Business Assets
Once the nature and value of the business interest has been established, the next step is to decide how it should be dealt with as part of the estate. This will depend on the terms of the will, the relevant business documents, the wishes of the beneficiaries, and the commercial circumstances involved.
In some cases, the business or the deceased’s interest in it may pass to a beneficiary. In others, it may be appropriate for the interest to be sold to surviving business owners or to a third party. Sometimes the best option is to bring the business to a close and realise the value of the assets for the estate.
We can advise on the legal process involved and help ensure that any transfer, sale or closure is handled properly, with the interests of the estate and the beneficiaries kept firmly in mind throughout.
Money Matters
This is for our probate services. We want to make our Probate services as flexible as possible for you so you can get what you really need out of our assistance – please refer to the difference levels of service outlined below. We understand that high costs can be a genuine concern which is why we keep our charges to the minimum we can afford to offer. Our fees are cheaper than others locally, with our charges being proportionate to the value that we provide to you. Our aim is to be up front with any legal costs, which is why our fees are fixed, starting from £1440.
Extract Probate (Under the Inheritance Tax Threshold) (£1,440)
This service is extracting probate for ‘excepted estates’, i.e. lower value estates valued under the Inheritance Tax threshold, or over that limit with spousal exemption, including submitting the relevant tax form (but without any estate administration). You will also need to pay the Government grant fee for Solicitor extractions (currently £300).
Extract Probate (Over the Inheritance Tax Threshold) (£2,880)
This service is for extracting probate for estates valued over the Inheritance Tax threshold, including submitting the relevant tax form (but without any estate administration). You will also need to pay the Government grant fee for Solicitor extractions (currently £300).
Extract & Administer The Probate (1% of the estate)
This service is for us administering the probate itself, including completing the appropriate tax forms, obtaining the grant of Probate, then administering the distribution of the estate. Our fee may vary depending on the complexity of the assets held within the estate and the terms of the will, but normally we charge 1% of the estate (net, plus VAT). You will also need to pay the Government grant fee (currently £300).
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim.
There is more info about our fees here
If you have any questions, require any further information, or would like to engage us on the T&Cs linked Our Terms in the footer below, please don’t hesitate to Contact Us.
Frequently Asked Questions
Do I need a solicitor when dealing with probate involving business assets?
Probate involving business assets is often more commercially sensitive than a standard estate, particularly where there are concerns about business continuity, access to funds, staff payments, or uncertainty over who can make decisions before the grant of probate is issued. Early legal advice can help executors protect the value of the business, understand their authority, and avoid costly mistakes at a sensitive stage. A solicitor can also advise if urgent legal steps are needed before the full probate process is underway.
Can a business continue to operate when the owner dies?
In some cases, yes, but the answer will depend on the type of business and the documents in place. A limited company will usually continue after the owner’s death, while the position for sole traders and partnerships can be much more uncertain and may require quick decisions to protect the value of the business. Early legal advice can help executors and families understand what steps can be taken and whether the business can continue while probate is being dealt with.
What happens to a Ltd business when the owner dies?
If a business is run through a limited company, the company will usually continue after the owner’s death because it has its own legal identity. The deceased’s shares normally form part of their estate, so the company’s Articles of Association and any shareholder agreement should be reviewed to understand how those shares can be dealt with. If the deceased was central to the running of the company, early legal advice may help protect business continuity while probate is being handled.
Do all business assets form part of the estate for probate purposes?
Not always. The starting point is that assets in the deceased’s sole name, and their share of jointly owned assets, form part of the estate for Inheritance Tax purposes, but the position can differ depending on how the business asset was owned and the structure of the business. For example, a sole trader’s business assets will usually fall into the estate, while in a limited company it is normally the deceased’s shares that form part of the estate rather than the company’s assets themselves. Partnership property can also require careful consideration, because a partnership is not a separate legal entity in the same way as a company and the terms of the partnership arrangement may affect how the interest is dealt with.
Can beneficiaries inherit shares in a business through probate?
Yes, beneficiaries can inherit shares through probate, but this will depend on the will or intestacy rules and on the company’s Articles of Association or any shareholder agreement. In many cases, the deceased’s personal representatives must deal with the shares first before they can be transferred to the beneficiary. It is important to check the company documents at an early stage, as they may contain restrictions on how shares pass after death.
Can business assets be sold during the probate process?
It depends on the asset involved and whether the executors have the authority to deal with it. In many cases, a grant of probate or letters of administration will be needed before business assets can be formally sold or transferred. Taking legal advice early can help ensure the correct steps are followed and avoid problems during the probate process.
Are there extra risks in acting as executor of an estate with business assets?
Acting as an executor where the estate includes business assets can carry additional responsibility and risk. Executors may need to make early decisions while balancing the interests of beneficiaries, creditors, employees and any surviving business owners, and mistakes can sometimes lead to financial loss or personal exposure. Taking legal advice at an early stage can help executors understand their duties, avoid common pitfalls, and deal with the estate more confidently.
Contact Us
Our specialist Probate Solicitors in Stockport and Manchester provide expert legal support for estates that include business assets, from sole trader businesses and partnership interests to company shares and wider commercial holdings. We understand that these matters often involve far more than the usual probate process, and we are here to help you deal with them carefully.
At Mounteney Solicitors, we combine strong legal knowledge with a practical and approachable service. We appreciate that when a business forms part of an estate, families and executors are often facing both emotional strain and urgent financial or commercial decisions. Our role is to ease that burden by giving straightforward advice tailored to your circumstances.
Since 2005, we have supported clients from our offices in Bramhall, Cheadle, Hazel Grove and Heald Green, helping individuals and families across Stockport, Manchester, the North West, and throughout England and Wales. Clients trust us to handle sensitive probate matters professionally, efficiently and with the personal attention they deserve.
Whether you need guidance on valuing a business interest, dealing with inheritance tax issues, reviewing company or partnership documents, or managing the transfer or sale of business assets, our experienced team is here to help. Contact Mounteney Solicitors today to speak with our Probate Solicitors and receive clear, compassionate and specialist advice at every stage.
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