Big Law

A business can't sign a will, of course. But the question is a real one: have you decided what happens to your share of the business if something happens to you?

It's the part of estate planning small business owners most often leave until "later." Yet the answer depends on how your business is set up. A sole trader's assets pass through their personal will. But shares in a company, or an interest in a partnership or trust, can be governed by other documents entirely — a shareholders' agreement, a partnership agreement, or a trust deed — and those can override what your will says.

That's why your will and your business documents need to tell the same story. If they don't, the people you intended to provide for can be left negotiating with business partners at the worst possible time.

The good news: sorting it out is usually straightforward once someone looks at both sides together.

Worth a conversation before "later" arrives? Book a chat — www.biglaw.com.au/contact-us, email [email protected], or call (07) 3482 6999.

This is one of those conversations that's much easier to have early.

An Enduring Power of Attorney (EPOA) allows someone you trust to make financial and personal decisions on your behalf if illness, injury, or age means you're no longer able to make those decisions yourself.

The important thing to know is that timing matters.

An EPOA can only be made while you still have the legal capacity to understand what you're signing.

If that opportunity passes, families in Queensland often need to apply to QCAT to have someone formally appointed to make decisions. That process can take time, involve extra costs, and add stress during an already difficult period.

Putting an EPOA in place is a simple step that can make a significant difference later on.

More than anything, it's a quiet act of care for the people who may one day need to step in and help.

Thinking about putting an EPOA in place?

📞 Call (07) 3482 6999

Many people assume their Will takes care of everything they own. But if your family holds assets in a discretionary (family) trust, here's the catch: those assets generally aren't yours to give away in your Will — they belong to the trust.

What actually matters is who controls the trust after you're gone. That's usually the role of the "appointor" or "trustee" — and if that succession isn't planned, control can end up somewhere you never intended.

It's one of the most overlooked gaps in estate planning. The fix is straightforward once you know to look for it.

If your family or business uses a trust, it's worth reviewing your Will and your trust documents together.

Take Care of Tomorrow, Today. Call (07) 3482 6999 or visit www.biglaw.com.au