Genders and Partners

Estate Planning for Company Directors

estate planning for company directors

When people make their Will, they typically concentrate on their personal assets, and they sometimes forget about their business assets & responsibilities.

If you are a director of an Australian company, then you need to know that you have responsibilities relating to that company, which can include:

  • Personal liability of directors for unpaid company taxes;
  • Personal liability of directors for unpaid company superannuation;
  • Personal liability of directors for unpaid staff entitlements, including long service leave;
  • Personal liability of directors for workplace health and safety breaches;
  • Personal liability under the Corporations Act when a company fails, including:
    • Insolvent trading;
    • Anti-phoenixing provisions; and
    • Breach of directors duties;
  • Exposure under personal guarantees, including risks to the family home under charging clauses;
  • Personal guarantees provided for building companies; and
  • Director/shareholder loan accounts.

These duties, liabilities, responsibilities and obligations don’t just vanish when you die.  Your deceased estate may become embroiled in debt and litigation. Even if you have in place appropriate insurances, this does not guarantee immunity to you or your estate.

Some people use companies to act as trustees for their family trust. This can work well when properly setup, understood and used.  However the succession plan for BOTH the trust AND its corporate trustee needs to be managed carefully.  This is not a task for amateurs. Take advice from a lawyer who specialises in estate planning.

Contact the oldest law firm on South Australia – Genders and Partners, established 1848 – to learn more about retirement planning, asset-protection, superannuation, estate-planning and estate-administration  solutions, by visiting our website today and schedule a free no obligation telephone consultation to find out how we can help you and yours.

Remember – any mistakes you make in your Will won’t become apparent until after you’re dead, and it’s too late for you to fix them. Get proper advice, and do it right.

It is also vitally important that you keep your Will and estate plan up to date – it is not a set-and-forget exercise.

To learn how to protect yourself, your family and your assets, by creating a professionally-made estate plan, claim your FREE 15 minute Telephone Consultation

Rod Genders is a senior Australian lawyer specialising in estate planning and accident compensation. His boutique specialist law firm is one of the oldest and most respected in Australia – visit it at www.genders.com.au .

Rod is also a prolific author and speaker. Some of his articles and books on Wills, Probate, Trusts, Estate Planning, Asset Protection and Retirement Planning may be found at www.estateplanners.net.au

We focus on keeping your estate planning strategy clear and understandable. If you would like to get started on developing your plan or putting it into action, please call us on (08) 8212 7233 or email us at mail@genders.com.au .

eBook “7 Things You Must Know Before You Make Your Will”

In this eBook you will Learn:

  • Why home-made Wills can be a LOT more expensive than you might think.
  • The secret weapons used by the rich & powerful to protect their assets, and transfer their wealth two or three generations ahead.
  • How Estate and Trustee Companies make BIG money from “free” Wills.
  • The Most Common Estate Planning Mistakes, how they can cost your family a fortune, and How to Avoid Them.
  • The Elements of a Sound Estate Plan – why a Will alone is not enough.
  • How to Make Sure Your Assets Stay in Your Family and are not lost to creditors, lawsuits or ex-spouses.
  • How to guard against challenges to your Estate after you’re gone.

NEED ADVICE? JUST ASK US A QUESTION. (replies during business hours)

Exit mobile version