01
What you actually own
Record shares, units, loan accounts and personal assets separately. Business assets may belong to an entity rather than to you personally.
The legal position
A company owns its own assets; a shareholder’s Will disposes of the shares, not the company’s property. Trust property belongs to the trustee on the terms of the trust and is not personally owned by a beneficiary. Partnership, shareholder and buy-sell agreements can create rights and obligations that operate separately from the Will.
What may need attention
02
Succession agreements
Shareholder, partnership or buy-sell arrangements may determine what happens on death and how an interest is valued or funded.
03
Operational continuity
Executors may need access to advisers and records, but should not receive passwords or informal authority that creates a security risk.
When professional advice matters
Business succession is usually outside a simple template Will. Coordinate advice from an estate-planning solicitor, accountant and financial adviser before relying on a document update alone.
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General information only, not legal, financial, tax or medical advice. The effect of a life event depends on your jurisdiction, documents and circumstances.