Do I need a will? – Business interests and wills

If you’ve spent a number of years establishing and growing a business, you’ve probably done so for a number of reasons, amongst which the support and welfare of your family would have been important considerations. A question many businesspeople ask themselves is: do I need a will?

What you want to happen to your business assets and your business interests when you’re no longer available to deal with them yourself will of course depend on your particular circumstances:

• Is your business a small or medium-sized enterprise, or a larger organisation?
• Is it a sole trader business, a partnership, a proprietary limited company, does its operation involve one or more trusts?
• What is to happen to your business when you die?
• Will your spouse or any of your children play a part in the business if it continues to operate?
• Will your partner(s) or others involved in the business buy your interest in the business from your Estate?
• If one or more trusts are involved, has a plan for succession of control of the trust(s) been put in place?

Some issues relating to your business interests will need to be dealt with in your Will, others may require additional documentation (such as a Shareholders Agreement, and/or amendment of your Trust Deed(s) – on which you would need to seek the advice of a legal practitioner) – however, in many cases a well-drafted Will may suffice.