Being a Parent, a Business Owner, and Planning for the Future
Juggling a business and raising young children is no small feat. Between client calls, meetings, and late-night feeds, the days blur into one another. For many young parents, life feels like it’s all about keeping the wheels turning today – but it’s just as important to stop and think about tomorrow.
Estate planning often feels like something to “get around to later”, but if you’re a parent and a business owner, it’s one of the most important things you can do right now.
Why Estate Planning Matters for Young Parents in Business
Being a parent means your decisions don’t just affect you – they shape the security and wellbeing of your children. Add a business into the mix, and suddenly there’s a lot more at stake:
Your children’s future care – Who will look after them if something happens to you? Have you made that decision clear and legally binding?
Your business assets – Your business isn’t just your livelihood, it’s often your family’s biggest source of financial stability. What happens to it if you’re no longer here to run it?
Avoiding conflict – Without a proper plan, families can find themselves in stressful and expensive disputes over guardianship, business ownership, or inheritance.
Key Considerations in Your Estate Plan
For young business-owning parents, an estate plan should be more than just a will. Consider:
1. Guardianship of Children
A will allows you to nominate trusted guardians. Without this, the decision falls to the court – and it may not be who you would have chosen.
2. Business Succession Planning
Who will run the business if you’re not around? Should it be sold, handed to a partner, or managed for your children until they’re older? Setting this out clearly protects both your family and your staff.
3. Asset Protection and Trusts
A testamentary trust can protect assets for your children until they’re ready to manage them. It can also provide tax advantages and ensure assets are used wisely.
4. Powers of Attorney and Enduring Guardianship
If you’re unwell or unable to make decisions, who will step in? Planning for incapacity is just as important as planning for what happens after you’re gone.
5. Superannuation and Insurance
Superannuation doesn’t automatically form part of your estate. Binding death benefit nominations and insurance reviews are essential to ensure funds go where you want them to.
Why Every Business Owner Needs a Bespoke Estate Plan
Every family, and every business, is different. A “one size fits all” will kit or an online template can leave major gaps – especially if you own a business. Without tailored advice, your family could face:
Disputes between business partners and family members.
Tax consequences that reduce what your children inherit.
Uncertainty about who should make decisions.
A bespoke estate plan makes sure your personal wishes, your children’s wellbeing, and your business legacy are protected.
Final Thoughts
As parents, we all hope we’ll be around to watch our children grow up and to see our businesses thrive. But the reality is that life is unpredictable. A strong estate plan is one of the most responsible – and loving – steps you can take to safeguard your family’s future.
👉 If you’re a parent in business, now is the time to put the right plan in place. At Renee Roumanos Legal, we create bespoke estate plans that give you peace of mind, protect your business, and put your children first.
Contact us today to book a consultation and start your estate planning journey.
