Good Will Week, an initiative of NSW Trustee & Guardian, is aimed at helping business owners plan a will, as a recent survey by the NSW government found that 54 percent of the state’s adult population do not have a valid will. This year the NSW government also introduced new inheritance laws that affect how a person’s estate is divided if they die without a will.
The new changes mean that SMB owners need a valid will more than ever if they are to secure the future of their business, according to NSW Trustee & Guardian Imelda Dodds.
“Small business owners should have a business succession plan which deals with their business and personal assets, and a Will can be an integral part of this,” said Ms Dodds.
“You need to think about who will inherit the business or its proceeds; who may have an option to purchase it; whether it will continue to trade after you have gone; and how your family will benefit if the business continues”
“It is important to consult a professional about how your Will impacts on all the issues. There are also complicated legal, financial and tax issues to consider – so it pays to make sure it’s done properly, or you risk leaving behind a mess for everyone concerned,” Ms Dodds.
During Good Will Week business owners can write a will with the help of NSW Trustee & Guardian free of charge, as fees are charged only upon administration.
Good Will Week is a helpful starting point for business owners, affirms Ms Dodds.
“It provides quick access to clear and simple information on many of the things to consider when you write your Will, prompting a list of things to consider and talk about to NSW Trustee & Guardian,” Ms Dodds said.