As the saying goes, the only things that are certain in this life are death and taxes. One day, you will move on from this mortal world and all that you have will stay behind, including your business. You need to consider how your business will function without you.

Think you’ll get around to making the necessary arrangements before you die?

We urge you not to postpone this important task any longer. We will all pass away one day but no-one can predict exactly when that day will arrive for them. The sooner you decide on what should happen to your property, including your share of the business, the sooner you will be protected.

Do not leave it until it’s too late, as these people did:

All of a company’s directors and shareholders, otherwise known as husband and wife, were killed in a car accident.  Neither had made any provisions for what was to happen to their stake in the company after they died. The loved ones they left behind had to apply to court just so new management could be elected to keep the business going (Re Noel Tedman Holdings Pty Ltd [1967] Qd R 56).

Reader’s Tip

Business owners should make provisions in their wills and have an Enduring Power of Attorney for when they can no longer manage the business due to death or incapacity. We can prepare a detailed will and Enduring Power of Attorney for you to address this situation because business is the last thing bereaved families want to spend time and money sorting out.

Joe Kafrouni
Legal Practitioner Director
Kafrouni Lawyers

Disclaimer

The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. Business people should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.

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