Where there’s a will… There could be an issue (October 2009)

Poorly developed wills and estate planning can cause extensive issues and conflicts at any time, but when a business is involved the problems can be even more significant.

In extreme cases businesses have been forced to close their doors because of issues with wills. For example, problems with wills have taken 6 months to even two years to rectify, tying up funds that are desperately required to pay wages, suppliers and creditors. In other cases, family businesses have been forced to close or been severely disrupted because one sibling involved in the business has had to pay out another sibling not involved in the business to satisfy a will. Another common example is when a business partner dies and leaves his or her share of a business to a next-of-kin who has no knowledge of the business.

They are all examples that can end in disaster and are situations that no business owner would want, but unfortunately they happen all too regularly due to lack of estate planning and poor advice.

Thankfully, you can protect your business while still achieving the aims of your will. The first step is to seek proper advice and ensure you have thoroughly considered your estate planning.

Davenports’ team of highly skilled staff, in partnership with our alliance partner firms, can provide the advice and the solutions. Phone (03) 9510 7600 or email info@davenports.biz to discuss your individual needs. Do it today – you never know when it might be too late.

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