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Wills, Estate Planning and Succession Planning

Wills Estate Planning
David McKewin

Director

Estate planning for business owners, founders and families

Rouse Lawyers advises business owners, founders, high-net-worth individuals and families on wills, estate and succession planning, particularly where their affairs involve businesses, companies, trusts, superannuation, investments and more complex ownership structures.

Our Brisbane-based estate planning lawyers prepare wills, enduring powers of attorney and testamentary trusts, while also considering how those documents interact with broader ownership, wealth and succession arrangements.

For a business owner, an estate plan that only covers the house and the super is half a plan. A will does not necessarily control everything you own or have an interest in. Business interests, trusts, jointly owned assets and superannuation may need separate planning so the right people ultimately receive or control them.

The same applies where significant family wealth is held across multiple structures. A will is one part of the succession plan and may not determine who ultimately owns or controls every asset or entity.

What our wills and estate lawyers can help with

  • Wills: from straightforward wills through to planning for business owners, high-net-worth individuals and families, blended families and more complex estates
  • Testamentary trusts: flexible structures for passing and managing inheritances, including where asset protection, tax and family circumstances need to be considered
  • Enduring powers of attorney: planning for financial and personal decision-making if you lose capacity
  • Business succession: planning for the transfer or control of shares and business interests, including shareholders’ agreements, buy-sell arrangements and trust structures
  • Intergenerational succession: planning for the transfer of wealth and control across family structures, including companies, trusts and other asset-holding entities
  • Superannuation and death benefits: advice on nominations and how superannuation death benefits fit within the broader estate plan
  • Probate and estate administration: obtaining probate and assisting executors with the administration of estates

Succession planning for business owners

For a business owner, succession planning can involve much more than a will. The will, shareholders’ agreement, company and trust arrangements, insurance and any buy-sell terms need to be considered together.

Our estate planning work draws on Rouse’s broader corporate experience and the expertise of our M&A lawyers. We work with founders, shareholders and family businesses, alongside their accountants, wealth advisers and other professional advisers where required.

Estate and succession planning for high-net-worth individuals, families and family groups

High-net-worth individuals, families and family groups often hold wealth across multiple structures, including family trusts, companies, investment entities, superannuation and personally held assets. Effective estate and succession planning needs to consider how those structures interact, how they are owned and controlled, and how wealth and control are intended to pass between generations.

We advise on intergenerational wealth and succession planning, including the succession of control of family trusts and companies, testamentary trusts, superannuation and enduring powers of attorney. We work alongside the family’s accountants, tax advisers, wealth advisers and other professional advisers where appropriate so the different elements of the family’s succession arrangements work together.

When the estate includes a business

Owning a business through a company or trust can make succession more complicated than simply leaving the business to someone under a will. Company shares, control of trustee companies, appointor succession for family trusts, shareholders’ agreements, buy-sell arrangements and insurance can all affect who receives the economic benefit of the business and who controls it after death.

We consider those arrangements alongside the will so there isn’t an unintended gap between the estate plan and the structures through which the business is actually owned and controlled.

Estate planning before and after a business sale

Selling a business can materially change an owner’s estate and wealth position. Business interests may be replaced by substantial sale proceeds, existing structures may no longer serve the same purpose, and succession and estate planning objectives may change.

For clients contemplating an exit, we can consider estate and succession planning alongside the broader transaction. Following a sale, we can work with the client’s accountant and wealth advisers to review whether existing wills, trusts, superannuation arrangements and other structures remain appropriate.

Planning for loss of capacity

Loss of capacity can create immediate problems where an individual controls significant business, investment or family structures. An enduring power of attorney needs to be considered alongside company constitutions, trust deeds, shareholders’ agreements and other governance arrangements to determine who can make decisions if that individual can no longer act.

What to bring to an estate planning meeting:

  • details of your assets and how they are owned
  • existing wills and powers of attorney
  • trust deeds and company documents
  • superannuation balances and current nominations
  • shareholders’ agreements and buy-sell agreements
  • details of business ownership and succession-related insurance
  • family trust deeds and trustee or appointor arrangements
  • details of significant investment or asset-holding structures
  • intended executors, attorneys and beneficiaries

Related reading

Latest Articles – Estate Planning

Wills and estate planning FAQs

What is estate planning?

Estate planning deals with what happens to your assets and the structures you own or control if you die or lose capacity. It can include your will, enduring powers of attorney, superannuation and trusts, as well as the succession of business interests, family wealth and control of companies and other structures.

Does a will control everything I own?

No. A will does not necessarily control superannuation, jointly owned property or assets held through companies and trusts. Where wealth or business interests are held across different structures, each needs to be considered as part of the broader estate and succession plan.

What estate planning issues should business owners consider?

For a business owner, a will is only one part of the succession plan. Company and trust structures, shareholders' agreements, buy-sell arrangements, insurance, superannuation and the succession of decision-making and control can all affect what happens to the business if an owner dies or loses capacity.

How does estate planning differ for high-net-worth individuals and families?

High-net-worth individuals, families and family groups often hold wealth through multiple structures rather than personally. Estate and succession planning may therefore need to address family trusts, companies, investment structures, superannuation, personally held assets and the succession of control across those structures. The objective is to consider how the overall arrangements work together and how wealth and control are intended to pass between generations.

How do family trusts fit into estate and succession planning?

Assets held in a family trust do not generally form part of an individual's estate simply because they established or control the trust. Succession planning therefore needs to consider the trust deed and how roles such as trustee, director of a corporate trustee and appointor will pass or be controlled following death or incapacity.

What is a testamentary trust?

A testamentary trust is a trust established under a will that takes effect after death. Rather than an inheritance passing directly to a beneficiary, assets can be held and managed through the trust. Depending on the circumstances, this can provide greater flexibility and may offer asset protection and tax planning benefits.

Should I review my estate plan before or after selling a business?

Yes. A business sale can materially change the nature and value of your estate. Business interests may be replaced by substantial sale proceeds and existing ownership or succession arrangements may no longer be appropriate. Estate and succession planning should ideally be considered before a proposed exit and reviewed again once the transaction has completed.

When should I review my estate plan?

An estate plan should be reviewed when there is a significant change to your family, wealth, business or ownership structures. This can include marriage or separation, the birth of children or grandchildren, acquiring or selling a business, bringing in new shareholders, changes to company or trust arrangements, or a significant change in the nature or value of your assets.

David McKewin

Director

Client Reviews

“We highly recommend Rouse Lawyers.

Rouse Lawyers acted for us in the sale of our software business, Precision Mining, to Micromine, a global mining software company. It was a substantial transaction and one in which we (the founding owners) relied on the Rouse M&A team to guide us through the process. We were very impressed with their efforts and tenacity in what was a complex and extensive negotiation process. We highly recommend Rouse Lawyers not only for their M&A expertise but also generally for growing SME’s in the technology space.”

Craig Morgan

Precision Mining

“It’s hard to find good lawyer that understands a “tech” business – Rouse Lawyers are that firm…

“A Big Thank You” to Matthew & the Team at Rouse Lawyers – have assisted me & my business in so many different legal items – from wills to buying property/structuring our business/trademarks/negotiating large deals/spam/privacy issues/lease on our 4 different offices… It’s hard to find good lawyer that understands a “tech” business – Rouse Lawyers are that firm… so skilled in many areas.”

Andrew Reece

Inspect Real Estate

“We have relied on good advice from Rouse Lawyers.

We believe software is driving the world forward. Disruption is happening in every industry and it is our clients who are proactively integrating software into their businesses, to set a whole new standard around the way business is done. We are a business that is growing rapidly and know the importance of good legal advice, which is why we have relied on Rouse Lawyers. Focusing on creating digital platforms on which our clients can innovate to ensure they are the ones modernising, is what gets us out of bed in the mornings.”

James Kahn

Idea 11

“I would recommend Rouse Lawyers for any business.

Young Guns has engaged Rouse Lawyers for all legal requirement/advice for the past 10 years. They have been on our business journey from 10 employees to 450 employees. Matt and Peter have always showed a personal interest in our business success and therefore made many recommendations for short term and long term strategies. I would be happy to recommend Rouse Lawyers for any business looking for a legal partner who they can trust and can provide ongoing, up to date advice.”

Scott Young

Young Guns Container Crew

“Their knowledge of franchising is comprehensive

I have tried several of the larger law firms at the big end of town but found their services to be quite bland and predictable. Rouse Lawyers’s style of operation suits me much better, their knowledge of franchising is comprehensive, and just as importantly, their thinking is distinctly street wise and entrepreneurial.”

Ross Clayton

The Vast Interior, Head Franchisor

Wills and estate planning in Queensland

For matters governed by Queensland law, our wills and estate lawyers advise under the Succession Act 1981 (Qld) and on enduring powers of attorney under the Powers of Attorney Act 1998 (Qld). Probate and estate administration in Queensland are handled through the Supreme Court of Queensland.

If your estate includes a business, companies, trusts or more complex family wealth, speak with our estate planning team about your estate and succession planning.