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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

Melissa Ramov
Melissa Ramov
Lawyer
PH: 61 3 9258 3746

Melissa is a lawyer in the Maddocks Commercial team.

Melissa has been involved in acting for a range of commercial and professional industry clients.

Melissa advises extensively in the following areas:

  • drafting and reviewing commercial contracts;
  • corporate law;
  • self-managed super funds;
  • business and company sales and acquisitions; and
  • financial services law.