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Succession planning for sole director/members — do you have a valid Will?

If you are a sole director and shareholder of a company, have you considered making a Will? Making a Will through Cleardocs is a simple, stress-free and cost-effective process. Indiana Bridges, Thomson Reuters

If the sole director and shareholder of a company die without leaving a will, the risk of uncertainty regarding the operation of the company is much greater because:

  • there is no one with the legal authority to make financial or business decisions on behalf of the company;
  • the company cannot be easily sold, as there is no legal owner of the shares who could authorise their transfer; and
  • it takes time (several months) to apply to the Supreme Court for letters of administration to manage the director's estate and during this time, the reputation of the company can also be severely impacted.

ASIC's information sheet: Importance of sole company directors/shareholders having a will outlines some of these issues.

More Cleardocs information on related topics

You can read earlier ClearLaw articles on a range of company related topics.

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Lawyer in Profile

Leigh Baring
Leigh Baring
Partner
PH: 61 3 9258 3673

Leigh is a partner in the Maddocks Tax & Revenue team.

Leigh regularly provides advice on:

  • structuring of businesses and transactions;
  • mergers and acquisitions;
  • corporate reorganisations and distributions;
  • sale of businesses;
  • demergers;
  • capital raisings;
  • joint ventures and property developments;
  • international tax (both inbound and outbound);
  • succession planning; and
  • liquidations.

His advice covers both direct and indirect tax considerations.

Leigh advises Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.