72 - Dying without a Will - what happens with your business
Intestacy and Your Business: What Happens If You Die Without a Will in NSW
Melissa Bush explains how dying without a valid will in New South Wales triggers the Succession Act 2006 intestacy formula (spouse/de facto, then children, parents, siblings, and potentially bona vacantia), which ignores business continuity. She outlines how a surviving spouse may receive personal effects plus a CPI-indexed statutory legacy (noted as $615,054.96 as at 13 July 2026), with the remainder split with children from a prior relationship, creating pressure to sell business assets within 12 months to avoid interest. She details impacts by structure: sole trader operations can freeze until letters of administration; company shares pass to relatives, risking disputes without a shareholdersā€™ agreement; partnerships may dissolve on death under the Partnership Act 1892 unless agreed otherwise. A checklist covers making a business-aware will, enduring power of attorney, shareholder/partnership agreements with buy-sell and insurance, and reviewing personal licences.
00:00 What Happens Without a Will
01:23 Meet Your Host
02:30 Intestacy Rules Explained
03:26 Spouse and Children Split
05:38 Business Meets Statutory Legacy
06:51 Sole Trader Shutdown Risk
08:30 Company Shares After Death
10:02 Partnerships Can Dissolve
10:53 Letters of Administration Delay
12:43 Succession Planning Checklist
15:20 Final Takeaways and Wrap
