Show Us Your Will
When it comes to managing your finances, we are often your most trusted adviser. But there’s one crucial document that many business owners overlook when sharing information with us - their will. We will be asking for a copy of your Will when you submit your end of year information. And yes we need to be seeing. Why?
Your Will Is a Blueprint for Your Legacy
Your will outlines how your assets—including your business—should be distributed upon your death. If your accountant is unaware of its contents, they cannot plan or advise effectively. Business continuity, tax planning, and asset protection strategies all hinge on what your will says. For example, if your business is to be passed on to a family member or sold to fund other legacies, your accountant needs to know this well in advance.
Why It Matters for Business Owners
Owning a business adds complexity. A will that doesn't align with your company structure, shareholders’ agreements, or trust deeds can create legal and financial chaos. Your accountant can help ensure that your business succession plan is tax-efficient and legally consistent with your other estate planning documents.
Consider these scenarios:
These situations are common—and avoidable.
The Role of Your Accountant in Estate Planning
As your accountant we can:
An Anecdote: When Good Intentions Aren’t EnoughA few years ago, a client—we’ll call him Peter—passed away unexpectedly. Peter owned a successful manufacturing business and had a will that stated his shares should go equally to his two children. The catch? Only one child had ever worked in the business. The other had no interest or understanding of it.
Because Peter’s accountant hadn’t seen the will, there was no succession plan, no share valuation, and no buy-sell agreement in place. The children found themselves in a tug-of-war—one wanted to keep the business running, the other wanted to sell. The result was months of legal battles, family strain, and eventually, the sale of the business below market value just to resolve the dispute.
Had the accountant been in the loop, this could have been prevented with some clear structuring and a solid business succession plan.
Take Action Now
If you own a business, it’s not enough to have a will—you need a team that works together. Let us as your accountant review your will today. It’s a small step that can protect everything you’ve worked hard to build.
Your Will Is a Blueprint for Your Legacy
Your will outlines how your assets—including your business—should be distributed upon your death. If your accountant is unaware of its contents, they cannot plan or advise effectively. Business continuity, tax planning, and asset protection strategies all hinge on what your will says. For example, if your business is to be passed on to a family member or sold to fund other legacies, your accountant needs to know this well in advance.
Why It Matters for Business Owners
Owning a business adds complexity. A will that doesn't align with your company structure, shareholders’ agreements, or trust deeds can create legal and financial chaos. Your accountant can help ensure that your business succession plan is tax-efficient and legally consistent with your other estate planning documents.
Consider these scenarios:
- A company is left equally to children, but only one works in it—how will this be fair?
- A trust owns the business, but the will gifts the business directly—what happens now?
- Loans between you and your business are forgiven in your will—does this impact company solvency or taxes?
These situations are common—and avoidable.
The Role of Your Accountant in Estate Planning
As your accountant we can:
- Review business structures to ensure they match your intentions.
- Flag tax issues in your estate that may impact beneficiaries.
- Coordinate with your lawyer to align your will with your business and financial plans.
- Prepare for continuity, helping maintain business operations while your estate is settled.
An Anecdote: When Good Intentions Aren’t EnoughA few years ago, a client—we’ll call him Peter—passed away unexpectedly. Peter owned a successful manufacturing business and had a will that stated his shares should go equally to his two children. The catch? Only one child had ever worked in the business. The other had no interest or understanding of it.
Because Peter’s accountant hadn’t seen the will, there was no succession plan, no share valuation, and no buy-sell agreement in place. The children found themselves in a tug-of-war—one wanted to keep the business running, the other wanted to sell. The result was months of legal battles, family strain, and eventually, the sale of the business below market value just to resolve the dispute.
Had the accountant been in the loop, this could have been prevented with some clear structuring and a solid business succession plan.
Take Action Now
If you own a business, it’s not enough to have a will—you need a team that works together. Let us as your accountant review your will today. It’s a small step that can protect everything you’ve worked hard to build.
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