It is particularly important for business operators to have a valid and up to date will and enduring power of attorney. Regular review is also important.
NOTE: If your entity structure is such that you are protecting your assets (i.e. a working director with personal assets held in the spouse’s name) it is vital to ensure that the very nature of asset protection is not overlooked when making your wills. For example if the non-director spouse holds the assets and has provisions in their will to transfer assets to the director spouse on his/her death, then the assets will no longer be protected. We suggest that you talk to a solicitor in relation to this matter to ensure that your assets are protected in the event of an untimely death of a spouse.