72 - Dying without a Will - what happens with your business

Intestacy and Your Business: What Happens If You Die Without a Will in NSW Melissa Bush explains how dying without a valid will in New South Wales triggers the Succession Act 2006 intestacy formula (spouse/de facto, then children, parents, siblings, and potentially bona vacantia), which ignores business continuity. She outlines how a surviving spouse may receive personal effects plus a CPI-indexed statutory legacy (noted as $615,054.96 as at 13 July 2026), with the remainder split with children from a prior relationship, creating pressure to sell business assets within 12 months to avoid interest. She details impacts by structure: sole trader operations can freeze until letters of administration; company shares pass to relatives, risking disputes without a shareholders’ agreement; partnerships may dissolve on death under the Partnership Act 1892 unless agreed otherwise. A checklist covers making a business-aware will, enduring power of attorney, shareholder/partnership agreements with buy-sell and insurance, and reviewing personal licences. 00:00 What Happens Without a Will 01:23 Meet Your Host 02:30 Intestacy Rules Explained 03:26 Spouse and Children Split 05:38 Business Meets Statutory Legacy 06:51 Sole Trader Shutdown Risk 08:30 Company Shares After Death 10:02 Partnerships Can Dissolve 10:53 Letters of Administration Delay 12:43 Succession Planning Checklist 15:20 Final Takeaways and Wrap