Running a business in Queensland comes with many responsibilities, and one of the most overlooked is estate planning. Without a proper plan, your business and personal assets may not be distributed according to your wishes.
Whether you’re a sole trader, in a partnership, or operating a company, effective estate and succession planning is essential to protect your business and provide for your family.
Why Business Owners Need Estate Planning
Estate planning isn’t just about writing a will—it’s about ensuring the smooth transition of your business in the event of death, incapacity, or retirement. Key reasons to have a plan include:
- Business Continuity: Prevent disruption and disputes by designating successors or co-owners.
- Asset Protection: Shield personal and business assets from creditors and legal claims.
- Tax Efficiency: Reduce potential tax liabilities for beneficiaries and business partners. (ATO Estate Planning Guide)
💡 Tip: If your business is located in Brisbane, Gold Coast, Sunshine Coast, or Ipswich, local legal advice ensures your estate plan complies with Queensland law..
Wills and Business Succession Planning
A valid will ensures your assets, including business interests, are distributed as you intend. For business owners, a will should address:
- Who will take control of your business if you pass away.
- Whether your family members can or should inherit business assets.
- How business debts and liabilities will be handled.
To better understand the legal steps after someone passes, you may find our guide useful: What to Do When a Loved One Dies in Queensland
Business succession planning goes a step further, setting out a structured transition plan, including:
- Buy-sell agreements to enable a co-owner to purchase your share.
- Management succession plans for employees or family members.
- Valuation methods to determine a fair business value for inheritance purposes.
Testamentary Trusts: An Effective Wealth Protection Tool
A testamentary trust is a trust created in your will that comes into effect after your passing. It provides significant benefits, such as:
- Protecting assets from divorce settlements and creditors.
- Minimising tax burdens for beneficiaries by distributing income tax-effectively.
- Providing ongoing financial support to minors or family members with special needs.
Key Legal Considerations for Business Owners
- Power of Attorney: Appointing someone to manage your business affairs if you become incapacitated.
- Shareholder Agreements: Ensuring clear terms for passing business shares to family or partners.
- Insurance Planning: Life insurance and key person insurance can provide financial security for your business and loved ones.
Secure Your Business Legacy with Expert Legal Advice
Business owners should regularly review their estate plans to ensure they remain effective. Bennett Carroll Solicitors can help structure your estate plan to protect your business and family’s future.
Protect Your Business Legacy – Local Expertise That Matters
Estate planning for business owners isn’t one-size-fits-all. If you’re operating in Brisbane, Gold Coast, Sunshine Coast, or Ipswich, your estate plan must align with Queensland legal requirements..
At Bennett Carroll Solicitors, we offer tailored advice to help business owners:
- Protect their business interests
- Minimise legal and tax risks
- Plan for future generations
At Bennett Carroll Solicitors, we provide clear, practical advice across wills and estates, business succession, and commercial law. Whether you’re planning for the future of your family or your business, our experienced team can help you put the right legal structures in place. With offices across Queensland in Brisbane, Gold Coast, Sunshine Coast and Ipswich we offer convenient access to trusted legal support across South East Queensland.
