This article is more than 24 months old and is now archived. This article has not been updated to reflect any changes to the law.


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.

Order Cleardocs packages


Lawyer in Profile

Leigh Baring
Leigh Baring
+61 3 9258 3673

Qualifications: LLB (Hons), BEc (Hons), Monash University

Leigh is a Partner in Maddocks Tax and Structuring team. Leigh has extensive experience in advising Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.

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), and
  • succession planning and liquidations.

His advice covers both direct and indirect tax considerations.

Throughout his career, Leigh has been at the forefront in developing tax-effective corporate, trust and superannuation structures.

Read Our Latest Articles