Over the years I have built up a directors account with €xx,xxx showing as owing to both myself and the other company director. Different amounts for each director.
The company is only a small company with two equal directors.
All vat and creditors are paid. There are not much funds in the company to pay back the directors loan account but in a few years it may be something that may arise.
I am currently looking at preparing a will, and my query is if I were to die can the funds be paid to someone else at a future date or can they be assigned to the other director or to someone else, this is money we have both invested in the company and should be able to be taken out at a future date tax free.
Any advice, greatly appreciated.
The company is only a small company with two equal directors.
All vat and creditors are paid. There are not much funds in the company to pay back the directors loan account but in a few years it may be something that may arise.
I am currently looking at preparing a will, and my query is if I were to die can the funds be paid to someone else at a future date or can they be assigned to the other director or to someone else, this is money we have both invested in the company and should be able to be taken out at a future date tax free.
Any advice, greatly appreciated.