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"The two certainties of life: death and taxes..."

... but you can avoid (or evade) taxes, but death is different. Death may be an uncomfortable thought for some, yet it is an inevitable part of life and therefore cannot be ignored. Have you given it much consideration? After all, we are all going to die, and once we can accept that, it is important for all of us to make arrangements while we still can.

Proper planning for the future ensures that we do not create unnecessary risks and complications for those we leave behind. It also ensures that we can continue to care and provide for our loved ones. If this is important to you, then assess your priorities in life and you may find that it also includes preparing for death.

Aside from other arrangements that you may make during your life, a Will allows you to make arrangements for after your death. A Will is a written document that sets out your wishes and desires, including instructions on how you want your assets to be divided and distributed. You should then consider what will happen to your personal assets such as your house, your car, the clothes on your back and the cash in your pocket. Who will be responsible for dealing with those assets? How will those assets be dealt with?

Is it different for business owners?

As a business owner, your business is your personal asset. You invest yourself in your business and so it is natural for you to want to protect, control, or at least have a say in your business after your death. This is possible by including your business in your Will.

Unlike your other assets, your business is a dynamic 'living' asset that affects the lives of other people such as employees, suppliers and customers. If you consider those people to be important, then your business will demand substantially more thought and more consideration than what you would normally give to any other asset in your Will.

Have you made proper arrangements for your business? What do you want to happen to your business after you die? Do you know what will happen to your business when you die? Will it be 'business as usual'?

Aside from your intentions, your plans and unfulfilled business goals, your existing business and business structure will influence what options are available to you. For example, if you are a sole owner/operator, your business may effectively cease to operate without you. What will happen to your clients/customers? Will there be anyone who will continue to run the business? You can address these issues in your Will to ensure that your intentions for your business are properly documented for others to follow.

On the other hand, a Will may sometimes only be partially effective in dealing with your business. If you are a partner in a business, your partnership agreement may already deal with your share in the business after you die, and if you are a shareholder in a company, your shares may be dealt by a shareholder's agreement or just become part of your estate.

How do you prepare a Will?

While preparing a Will is a fairly simple process and 'do-it-yourself' Will kits are available from most newsagents and post offices, these kits only provide basic instructions for you to write your own Will and satisfy the legal requirements of your respective state or jurisdiction.

As a business owner, you should consider your Will to be an integral part of your business, estate and succession planning. Your Will should be prepared in conjunction with the other legal documents that have been prepared for your business and therefore you should seek professional advice by consulting your lawyer, financial planner or accountant.

What should you do?

At PHANG LEGAL, our experienced lawyers offer sensitivity and understanding to your business and personal succession and estate plans. If you seek practical and cost effective solutions that meet your personal business needs, then you must call us on +61 2 9687 8885 to discuss how we can best assist you or visit our website at www.phanglegal.com.au for more information regarding our practice.

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Ern Phang
Solicitor & Public Notary

PHANG LEGAL
www.phanglegal.com.au

About Phang Legal

Phang Legal is a progressive and dynamic law firm offering a different attitude to the practice of law and a different approach to the delivery of legal services. The firm continues to honour the traditions and standards of the legal profession, while remaining current and relevant to ever changing client requirements and expectations. Phang Legal provides cost effective and practical solutions across a wide range of practice areas including conveyancing and property law, corporate and commercial law, litigation and dispute resolution, wills and estates (elders law), legal aid and criminal law, and notary public services.

6/83 George Street, Parramatta NSW 2150 AU
PO Box 1375, Parramatta NSW 2124 AU
Telephone: +61 2 9687 8885
Facsimile: +61 2 9687 8883
Web: www.phanglegal.com.au