Hi Jon,

I have reviewed your web site and it has given me some good answers to my questions, but I still have one. I owe a lot of money, near £20,000, but I have a good job and can meet the payments. I own a company and it is still doing well even through the pandemic. My concern and question is that I am facing some health issues, due to age. I have guaranteed some loans for the company, and some are in just my name. I do own property, but that is just in my name. I have an ex-partner and we had 3 children together. I am concerned about what will happen should I become incapacitated or die? What will happen to these loans, and also my property and anything I want to leave to my children.

Thanks in advance,




I understand your questions and concerns, as we get older, including myself, these are areas we have concerns about.

If you have payment insurance on any loans or debt, this may pay the debts should you take ill.

You need to speak to someone about estate planning, having a Will in place, and also planning your estate and also your company should the time come you can no longer manage matters.

Maybe you have this already in place? If so, you need to update these plans on a regular basis. Matters and laws change.

The debts and accounts you guaranteed or that are in your name, if they are a debt the business took on, can the business continue to pay these if you are not there? Is the business a LTD company, Sole Trader, or Partnership?

There are things that can be done with estate planning to insure your children receive what you want them to receive should you pass.

Do you have life insurance? Life insurance can be a good way to help your children cover the cost of not just a funeral, but also the transition of property and your business should they wish to do so.

Your creditors may or may not pursue your estate for the loans after you pass, but you need to be prepared if they choose to do so. That can be either the company continuing to make the payments, or insurance or other assets to clear the debts. A creditor may not pursue your estate to pay the loans, but if they know you have assets, and the estate has the means to pay the debts, then they may look at trying to collect the balance(s).

This is a big issue, let me know how you get on and what advice you have been given regarding any estate planning.



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