A great plan will help you stay focused and prepare for unplanned events such as change to directorships, a divorce or even death.
In the busyness of your day, week or years you may overlook time to check whether you have a will or consider if anything needs changing?
As your business grows and becomes complex or your personal wealth plan has new or future events to consider, it maybe time to review. You can have your will written by a Solicitor or Public Trustee , and in Australia the rules do vary between states.
It’s important to update your will when significant events take place such as, getting married, divorced or separated, having children or grandchildren, significant financial change, or the death of a spouse or someone that is named in your will.
Depending on your unique structure, please consider the following:-
ASIC reports when a sole director of a company dies without leaving a will the complications and distress can have a great impact. This includes waiting lengthy periods before the Public Trustee steps in to manage the estate or even leaving the business without any person properly authorised to immediately manage the organisation.
Ordinarily, if a director of a company dies, the surviving directors can continue to manage the company and even make a temporary appointment, pending the appointment of a new director by the members (shareholders) of the company.
If you are a sole shareholder/director of a company, you should have a will and, it is recommended that in this will you make provision for who is the beneficiary or beneficiaries of your shares.
Let’s Chat or please contact your Adviser for more information.
Image: Wynyard Foreshore, North West Tasmania, Brand Tasmania