55 - Is a simple will enough for a business owner?

Is a Simple Will Enough for Business Owners? Estate Planning, Structures, and Continuity Melissa Bush explains why a basic DIY will is often inadequate for business owners because a will only covers assets forming part of the estate and may be overridden by existing legal arrangements. She outlines how business interests differ by structure: sole traders’ business assets generally fall into the estate, while partnerships involve a partnership interest often governed by partnership agreements, and companies involve shares that may be restricted by shareholder agreements. The episode covers common agreement provisions such as buyout rights, valuation mechanisms, and limits on family members stepping into ownership, plus Corporations Act 2001 issues for sole director/sole shareholder companies. Bush emphasizes powers of attorney for incapacity planning, the role of insurance and buy-sell agreements in funding ownership transfers, and risks of intestacy causing delays and disruption. Proper advice aligns wills, business documents, and objectives.

00:00 Is a Simple Will Enough

01:08 Podcast Intro and Roadmap

03:16 What a Will Covers

04:15 Business Structures and Estates

06:08 Partnerships After Death

07:31 Shares and Shareholder Rules

08:44 Sole Director Risks

09:46 Powers of Attorney Matter

10:49 Buy Sell and Insurance

11:59 No Will Intestacy Problems

12:48 DIY Wills for Owners

13:35 What Proper Advice Looks Like

14:35 Wrap Up and Next Steps