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Death may be an uncomfortable thought for some, yet it is an inevitable part of life.

Have you given it much consideration? After all, we are all going to die and so it is important for all of us to make arrangements for our death while we still can.

Proper planning will ensure that we do not create unnecessary risks and complications for those we leave behind. It also ensures that we can continue to care and provide for our loved ones. Assess your priorities in life and you may find that also includes preparing for death.

Aside from other arrangements that you may make during your life, a Will allows you to make arrangements after your death. A Will is a written document setting out your desires and wishes, including how you want your assets to be divided. Give consideration to your personal assets such as your house, your car, the clothes on your back and the cash in your pocket. Who will be responsible for dealing with those assets? How will those assets be dealt with?

As a business owner, your business is your personal asset however unlike your other assets your business demands more thought and more consideration. Have you made proper arrangements for your business? What do you want to happen to your business after you die? Do you know what will happen to your business when you die? Will it be 'business as usual'?

You invest yourself in your business and so it is natural for you to want to protect, control, or at least have a say in your business after your death. This is possible by including your business in your Will. Aside from your intentions, your plans and unfulfilled business goals, your existing business and business structure will influence what options are available to you. For example, if you are a sole owner/operator, your business may effectively cease to operate without you. What will happen to your clients/customers? Will there be anyone who will continue to run the business? You can address these issues in your Will to ensure that your intentions for your business are properly documented for others to follow.

On the other hand, a Will may sometimes only be partially effective in dealing with your business. If you are a partner in a business, your partnership agreement may already deal with your share in the business after you die, and if you are a shareholder in a company, your shares may be dealt by a shareholder's agreement.

While preparing a Will is a fairly simple process and 'do-it-yourself' Will kits are available from most newsagents and post offices, these kits only provide basic instructions for you to write your own Will and satisfy the legal requirements of your respective state or jurisdiction. As a business owner, you should consider your Will to be an integral part of your business, estate and succession planning. Your Will should be prepared in conjunction with the other legal documents that have been prepared for your business and therefore you should seek professional advice by consulting your lawyer, financial planner or accountant.

About the Author:
Ern Phang, Solicitor, Public Notary, Migration Agent