How To Leave A Business In A Will In NSW
How to leave a business in a Will, is something to be considered earlier rather than later especially if there are multiple assets involved.
The first thing to do is to sit down and talk to your family about the options available for the business after you are gone. Having this discussion may be confronting, but it is important to ensure that everyone in the family is on the same page and in agreement on how the business is to be dealt with after you are gone. You may be surprised to discover that some members of your family would prefer the business be sold and the profits from the sale distributed to the beneficiaries named in your Will, while others in the family maybe keen to run the business for the benefit of their family and subsequent generations.
By having these discussions you can avoid any issues arising after you are gone on how your business is to be run and this includes contesting the Will and lengthy court proceedings, that eventually erode the value of your Estate and the family as a unit.
Once you understand the different needs and wants of your family in relation to your business, then you are ready to sit down with your lawyer preferably an Estate lawyer, to discuss how this can be drafted and reflected in your Will.
Some ways a business can be dealt with in your Will include:
- An option for interested family members to purchase the part of the business from other beneficiaries, if they are keen to continue to run the business. This set-up can help minimise tension between family members, where some members want the business to remain in the family and others want the business to be sold and the profits from the sale distributed!
- The transfer of the shares in the business to a Trust, that can then distribute the profits from the business to the beneficiaries on a regular basis.
- The transfer of shares in the business, to interested family members with other family members receiving a greater share of the assets in the Estate, to make up the difference.
If you run a business there are important questions you need to ask yourself and your family on what will happen to the business after you are gone.
At Sydney Wills Lawyers we are experts in advising on the complex and emotional decisions that need to be made to ensure your beneficiaries receive the optimal benefit of your business.
If you need advice on how to deal with your business in your Will then you need to seek legal advice from an Expert Wills & Estates Lawyer. You need to speak to the expert lawyers at Sydney Wills Lawyer – We specialise in Wills & Estate Law and pride ourselves on our open and honest communication with clients.
Our offices are conveniently located close to public transport! We offer “No Win No Fee” on contested Wills. Call today for a consultation on 9221 2779 or email firstname.lastname@example.org.