The business owner can write their plan under trust, with the beneficiaries being the other partners, members or shareholders in the business.
This ensures that the surviving co-owners have the necessary funds to buy a deceased or ill person’s share in the business and don’t end up with an unintended or undesirable business partner or shareholder, such as a surviving spouse, child or unwelcome third party.
This trust is only available as a discretionary trust.
Important note:
Please note this is a guide and shouldn’t be relied on as actual advice.