BUSINESS WILLS

This type of will is usually quite complicated and can involve all of the issues under the heading of Business Succession Planning plus the Personal aspects of a will catering for the family as well as the business. The writing up of these types of wills is quite complex and is a very specialist field of Australian law.

Below I have outlined just a few of the issues that may need to be addressed if you are in business and need to set up a Business Succession plan you will need a competent lawyer to deal with all of the complex issues of passing your wealth onto your family. 

Family Business Trusts:- A trust that has been formed over your business life with Trustees appointed and assets in the trust is a particular issue that needs special attention. Under Australian Law a will connot deal with the assets of that trust. The Trustee of the Trust is the appointed individual who has legal control over the assets in the trust as spelt in the Trust Deed.

Check your will and see how it deals with the assets of your Trust, then call us or seek the advice of a Solicitor or Lawyer who specialises in this area. 

Pty Ltd Companies:- Similiar to Trusts the assets of the company and any associate directors of that company need to be dealt with in your will. Your articles of association / constitution will need to spell out how the shares of the company can be dealt with in the event of a director passing away. This is particularly important for single director companies.

Check your will and see how it deals with the assets of your Company, then call us or seek the advice of a Solicitor or Lawyer who specialises in this area. 

Business loans:- in the Trust or the Company Loans are quite often set up by accountants for tax purposes in the trust or company. These loans will be in your name and form part of your personal wealth that would then become part of your estate.
Your executor will need to call these loans in, usually this is your spouse. Depending on the nature of the business and it's financial status and of course any other business associates releasing the money to pay your estate. Where will the money come from...?

Check your will and see how it deals with the assets of your Trust, then call us or seek the advice of a Solicitor or Lawyer who specialises in this area. 

Testamentary Trust:- This is a particular type of trust that can only be initiated as a consequence of will being registered with the state. It's possible to set up a Non - Testamentary Trust within three years of the will being registered, but you will be governed by the intestacy laws of that state.
It is preferable that your will spells out the details of the trust. Your will would outline who the beneficiary's are and the broad discretionary powers you would have as the Trustee of the Trust. Very similiar to a Family Trust. The good thing about these types of trusts is you can receive the money from an inheritance as a Testamentary Trust and to a large extent the money is protected from creditors. These trusts can be engineered as an asset protection strategy if you and your family are in business and are at risk.
With a Testamentary trust outlined in your will it can help direct your assets down the geneological line that you want. Your children could receive the assets and if you wanted, could make it extremely difficult for the spouse of your child to receive your assets. This can be an excellent strategy if you are concerned about your children's marriage breaking down.

Check your will and see if it has made provisions for this type of trust to be a part of your will. Then call us or seek the advice of a Solicitor or Lawyer who specialises in this area.