Why having a Will is a crucial part of life for all small businesses
If you’re one of the 442,800 small business owners in NSW, you’re probably busy – whether you are running it by yourself, with a partner or with other family members. During this year’s Good Will Week (October 14-20) organisers Public Trustee NSW, want to remind you to make sure you have a legally valid and up to date Will so if you die unexpectedly, your business will be left in capable hands, and your family and loved ones won’t be left in legal and financial strife at such a difficult time.
Peter Whitehead, Public Trustee NSW, says, “Small business owners must have a business succession plan which deals with their business and personal assets, and a Will is an integral part of this. “We have made the theme of this year’s Good Will Week – Do you have the Will to keep your loved ones safe? – to encourage small business owners to realise that without a Will, their business they’ve worked so hard to make successful may not survive.
“You need to think about who inherits your business, how will it be split up, if it will continue to trade or not after you are gone, who will look after your employees and how could your family continue to receive an income from it. “It is important to consult a professional when it comes to your Will. There are also complicated legal, financial and tax issues to consider – so it pays to make sure it’s done right, or you risk leaving behind a horrible mess for everyone concerned,” he says. The Good Will Week website www.goodwillweek.com.au may be helpful for busy owners in providing information about having a Will. Once you have worked out what you want to do with your business, don’t jot it down on the back of an envelope and risk it not being legally-binding, go and see a professional who will make sure you have a clear, valid and legal Will. The Public Trustee NSW has written more than 900,000 Wills for Australians since 1914 so they know what they are doing.
There is no charge to write your Will with the Public Trustee as executor, and you can change it as many times as you like, as your life circumstances change. Charges apply on estate administration only. Each Good Will Week, the Public Trustee involves a charity in the campaign, and this year one dollar will go to Surf Life Saving NSW for every Will written with the Public Trustee NSW over the next 12 months. There are lots of events and information available throughout Good Will Week including community events at a number of Surf Life Saving Clubs around the State; and look out for the “Wills on the Coast” kombi team who will be travelling from Newcastle to Wollongong during the Week with giveaways, prizes and lots of information.
On Saturday 20 October, a number of Public Trustee branches around NSW will open especially to look after people like small business owners who are too busy to make an appointment during the week. Alternatively, people can also call 1300 14 24 34 to speak to a Public Trustee professional.
