estate planning for business owners - protect your business legacy!

Do you own a business? Your Estate Plan is more complex than just having a standard Will. Ensure that you protect your family, business and business partners with a well prepared Estate Plan.

As a business owner, your Estate Plan should include the following:

• A carefully drafted Will that clearly outlines what will happen to your business in the event of your passing, who will receive your business interests, how shares are transferred, and who will manage your estate.

• A financial Enduring Power of Attorney. If you become ill or unable to make decisions, your attorney can legally operate bank accounts, sign contracts, pay staff, and keep the business running. Without this, your business may be unable to operate properly or there could be delays that could impact your business.

• A clear business succession plan which outlines what will happen to the business, who will take over your role etc.

• Shareholder’s Agreement or Partnership Agreement if you are in business with others. This should clearly outline how your shares and interest in the business will be dealt with upon your passing.

• Asset protection review to ensure that your personal assets and business assets including any digital assets and intellectual property will be distributed or transferred as you intend upon your passing.

• Estate Tax Planning review so that your family or business partners will not be left with unexpected tax implications.

Your business represents years of hard work. A well-structured estate plan ensures that—no matter what happens—your family, your legacy and business is protected.

If you are a business owner and want to make your Estate Plan is sound, contact our office today. We assist in all aspect of Estate Planning so you can have peace of mind that you and your family are protected.

If you already have an Estate Plan, having it reviewed to ensure your plan still protects you, your business and your family is priceless!

Phone our office today on 03 9707 1155 or email admin@wslegal.com.au!