Sydun & Co Solicitors

Protect Your Wealth and Business: The Ultimate Estate Planning Checklist for Business Owners

Estate planning is an essential process for any individual, but it is especially critical for business owners. An in-depth estate plan not only protects your assets but also ensures that your business can continue to operate smoothly, even after your passing.

In this guide, we will outline the key steps business owners should take when creating an estate plan. You can hire a wills and estates lawyer to help with any estate planning and we recommend you do so.    

The 5 Steps for successful estate planning for your business

Step 1: Determine your goals

The first step in estate planning is determining your goals. What do you want to achieve with your estate plan? What are your priorities?

As a business owner, you’ll want to consider the future of your business and any potential tax implications. You may also want to consider giving to charity and/or providing for your family.

Step 2: Take stock of your assets

Once you have determined your goals, the next step is to take stock of your assets. This includes both personal assets, such as your home, investments, and personal property, as well as business assets, such as inventory, real estate, and intellectual property including digital assets. Make a list of all your assets and their estimated values.

In some cases, your business decisions and processes might attract civil lawsuits. Therefore consulting with a commercial or civil litigation lawyer from Sydney is also recommended during the estate planning stage.    

Step 3: Consider business succession planning

One of the most critical aspects of estate planning for business owners is business succession planning. This involves determining who will take over the business after your passing, permanent disability or retirement.

There are several options for business succession planning, including transferring ownership to family members, selling the business to a third party, or creating a trust.

Your commercial solicitor can help you determine the best option for your business.

Step 4: Create a will

A will is a legal document that highlights how you want your assets to be allocated after your passing.

This includes personal assets, as well as business assets if you are the sole trader. Your will should also name an executor to manage your estate and allocate your assets according to your wishes. If you operate a company, you will need to decide on who should be appointed as director/s.

Step 5: Consider a trust and the type of trust

In addition to a will, you may want to consider creating a trust. A trust is a legally binding arrangement that enables transferring legal ownership of your assets to a trustee for managing them on behalf of your beneficiaries. This can be done through a testamentary trust or setting up a discretionary trust while you are still alive.

This can be an efficient way to protect your assets and ensure they are distributed according to your wishes.

Step 6: Review and update your plan regularly

Estate planning is not a one-time event. You absolutely should review and update your plan regularly to ensure it reflects your current wishes and considers any changes in your personal or business circumstances.

This may include changes in tax laws, business ownership, or family dynamics. To ensure that your business is well-protected even during lawsuits, consider hiring a litigation lawyer in Sydney to help you out and make sure you get it right.    


Estate planning is an essential process for business owners. If you are a business owner, it is crucial to work with an experienced lawyer who can guide you through the process and help you achieve your goals.

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