1. To maintain Business As Usual
If you haven’t spelled out what happens to your business when you pass, things can go awry. Depending on its structure (sole trader, company, partnership or joint venture), you’ll need to consider:
- Who will take over?
- What happens to your company shares?
- Who gets what? Family, shareholders, etc.
- Is the way you’re planning to distribute shares consistent with existing shareholder agreements?
- If the business assets are held by a trust or super fund – they do not form part of your estate; so what will happen to them?
As you can see, it’s a complex web of considerations – and that’s without the existential dread. However, leaving clear directives in your Will is far better than the alternative: leaving the task to a confused executor and risking significant disruption to your business.