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ARTICLE · 06 NOVEMBER 2019

When a will is not the way...

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This case illustrates dangers of not succession planning in a family business, during the life of the older generation.

AustraliaFamily and Matrimonial
Kylie Wilson
Kylie Wilson
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For inter-generational family businesses, considering the protection of assets for the next generation, making a bequest in a will may seem like the best option.

A growing issue however, is the possibility of business viability being destroyed by claims made against estate assets after death of a parent.

This real life situation illustrates the dangers of not appropriately planning for succession in a family business during the life of the older generation.

Sam returned to the family farm after university and took over as farm manager. Dad still managed the accounts and supply contracts. For 25 years, Sam managed the business successfully. Dad retained all the property in his own name, citing concerns that Sam's marriage might fail (despite 15 years of marriage and three children).

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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