If you’re a business owner, director, trustee, or member of a self-managed super fund (SMSF), your estate planning needs go well beyond writing a Will. 

At Nurture Law, we work with clients who have built their lives and legacies through hard work, entrepreneurship, and strategic investment. Many of them own or manage businesses, trusts, companies, and SMSFs structures that require thoughtful, tailored planning to ensure continuity and avoid conflict. Without the right estate plan, a sudden incapacity or death can trigger disputes, financial hardship, or even business collapse. 

Here’s what you need to know to future-proof your business and safeguard the legacy you’ve built. 

Companies: It’s More Than Shares 

Business owners often assume that passing on their company shares is enough—but it’s not that simple. Shares may form part of your estate, but control of the company (through directorship) doesn’t automatically follow. For sole directors, this gap can be critical. 

A comprehensive estate plan should address: 

• Share ownership succession, either through your Will or a buy-sell agreement. 

• Director replacement strategies to ensure business continuity. 

• Buy-sell agreements to avoid disputes among shareholders or family members. 

Family Trusts: Control Matters 

Trusts don’t form part of your personal estate—but your role in managing them does. Whether you’re an appointor, trustee, or director of a corporate trustee, planning for who takes over those responsibilities is essential. 

What to review: 

• Appointor succession—this person controls the future of the trust. 

• Trustee role planning, especially if you’re a director of a corporate trustee. 

• Trust deed terms to make sure they support your succession wishes. 

SMSFs: Don’t Let Super Slip Through the Cracks 

Superannuation doesn’t automatically go through your Will. Without the right documentation, your super could end up in the wrong hands—or stuck in limbo. 

Key planning tools: 

• Binding death benefit nominations (BDBNs) that are valid and current. 

• SMSF trustee/director succession plans to avoid compliance issues. 

• Reversionary pensions to provide ongoing income for your spouse or dependent. 

Partnerships: Align Legal and Practical Succession 

In partnerships, it’s vital that your estate plan lines up with your partnership agreement. Otherwise, there can be confusion—or worse, litigation—about what happens to your share in the business. 

Check for: 

• Clear succession or buyout terms in your agreement. 

• Valuation and funding mechanisms, often supported by insurance. 

• Temporary authority structures, like an Enduring Power of Attorney, for smooth short-term operations. 

Sole Traders: You and Your Business Are One 

If you operate as a sole trader, your business ceases to exist the moment you pass away—unless you’ve planned for succession. This can leave your family, staff, clients, and creditors in a difficult position. 

Protect your business with: 

• An Enduring Power of Attorney so someone can manage operations if you lose capacity. 

• Will instructions for business continuity or sale. 

• Digital access protocols so your executor or family can manage online accounts, banking, and platforms. 

Don’t Go It Alone: Work With Your Accountant and Advisers 

Estate planning for business is never one-size-fits-all. It involves legal, financial, and tax considerations. That’s why we collaborate closely with your accountant and financial adviser—to ensure your structures, agreements, and wishes all align. 

From updating trust deeds to reviewing BDBNs, confirming asset ownership to succession strategy—we make sure every piece of the puzzle fits. 

Let’s Get It Right, Together 

You’ve built your business with care. Now, it’s time to protect it with clarity. 

Contact our Estate Planning Team to book your complimentary initial call.