I run a business through a Family Trust/Company structure. What issues do I need to consider?
You should think about who is suitable to carry on your business after your death. For example, if you have children, it may be that only one child is best placed to carry on your family business. Estate First Lawyers can assist you with passing on control of your business entity to that child while ensuring that appropriate adjustments are made for your other children, if appropriate. This will ensure that the child who obtains control of your business entity does not receive a ‘windfall’ at the expense of their siblings (unless of course you wanted them to).
If you run your business with a business partner (such as a third party), you may also wish to consider a shareholder’s agreement or buy/sell agreement as well as key person insurance. We can provide you with further advice in this regard.