Someone I know unexpectedly passed away who had a successful business. After the initial shock of their death, my next thought was whether they had a will or not.
It’s surprising and kind of shocking the number of business owners who do not have Wills, whether they think they’re too young or just haven’t gotten around to it. It is crucial, especially if you’re a business owner, that not only do you have a will for your personal assets, but a secondary corporate will for your business.
Some of the many benefits of having a Will include having control over the distribution of your assets, ensuring they are distributed the way you want. Failing to have a will could result in your assets being distributed in a way you never intended.
Having a will also allows you to appoint someone you trust as the Estate Trustee to manage your estate, rather than the Court appointing one.
Having a Will which outlines your wishes hopefully avoids any confusion amongst any potential beneficiaries, and with any luck, prevents family disputes.
Having a secondary Corporate Will has its benefits, and we always recommend to our clients to have two separate wills to keep personal and corporate assets separate.
Having a corporate will can strategically separate your business assets from those of your personal assets, preventing those business assets from being subject to any probate taxes in your personal estate.
Having a corporate will also maintain the privacy of the business assets and allows the business to continue and transition to its new owners as smoothly as possible.
The benefits of having separate wills are not limited to those mentioned in this blog.
Make sure you have an updated will, which will prevent someone else from making the important decisions for you after your passing.
Do not hesitate to reach out to us to help you protect your personal and business assets.