You're running a successful development or construction business. You've got deals in the pipeline, projects underway, and equity tied up in companies and trusts. But have you ever stopped to think: what happens to all of this if something happens to you?

We get it - as commercial lawyers across Australia, and property lawyers in NSW and QLD, we see it all the time. Estate planning gets put in the "later" basket. But in our world of development and construction, failing to have a will (and the right kind of estate plan) can derail everything you've built.

Here's why getting your estate sorted is one of the most important risk management decisions you can make.

Dying Without a Will Creates Chaos (and Costs Your Family Heaps)

Let’s start with the basics. If you pass away without a will (called "dying intestate"), your assets will be distributed according to legislation, not your wishes.

That means:

Assets might not go to the people you intended.
Partners may have to fight for their share.
Your family may be stuck in long, expensive court processes.
Business decisions are frozen while courts decide who is in charge.

We once acted for the spouse of a prominent builder who passed away unexpectedly without a will. Not only did she have to deal with her grief, but she also faced multiple claims on the estate. The business was stalled, employees were unsure of their future, and project partners were hesitant to move forward. The emotional and financial burden was immense.

Not having a will doesn’t just delay asset distribution - it stalls operations, puts employees at risk, and opens the door to disputes.

Business Owners Need More Than Just a Will

If you run your business through companies and trusts (like most in the development and construction space), a standard estate plan simply won’t cut it.

Here’s the problem: those structures don’t "die" when you do. They keep going.

But who controls them after you? That depends on your planning - or lack of it.

Case Study: The Unintended Appointor

We had a case where the executor of an estate came to us after their father, a successful developer, had passed away. He had a will done years ago through a generalist firm. But the will didn’t deal with his trust structures properly.

What happened? The appointor role of the trust (the person with ultimate control) defaulted to someone he never intended. That person took control of the trust, and with it, the assets. The result? A multi-million-dollar portfolio effectively passed into the wrong hands.

It was heartbreaking for the family and completely avoidable with the right legal advice.

Structuring the Right Way: Estate Planning for Builders and Developers

For developers and builders, estate planning isn’t just about who gets what. It’s about:

Who controls your companies and trusts
How your business partners buy out your share (and ensure your family is fairly compensated)
Ensuring minimal disruption to operations
Retaining the value of your brand and relationships

If your estate planning doesn’t consider these, then frankly, it’s not doing its job.

Trusts and Appointors

The trust is a favourite structure in the developments world. It offers asset protection, tax advantages, and flexibility. But trusts must be actively managed after someone passes away.

Most trusts name an appointor - the person with the power to remove or appoint the trustee (the person or company managing the trust assets). This role is often more powerful than being the trustee itself.

And guess what? Most DIY wills or basic estate planning services don’t even consider it.

If you haven’t updated your trust deeds or dealt with who becomes the appointor on your death, you may be handing over control of your business assets and wealth to the wrong person.

Shareholders and Succession: Business Buyouts the Right Way

Another key piece of the puzzle? Shareholder agreements and buy/sell arrangements.

Without these, here’s what can happen:

Your spouse or kids inherit your shares in the business.
They want to be paid out but there’s no agreed valuation method.
Your business partner doesn’t want to work with your family.
The business becomes paralysed by infighting.

Case Study: Succession Planning Done Right

We recently helped a development group put in place a rock-solid succession plan. The directors were in their 40s and had built a strong portfolio together.

We drafted their testamentary trusts, reviewed and updated their trust deeds, and implemented a buy/sell agreement within their shareholders agreement.

Key inclusions:

Defined valuation method (independent valuation)
Clear timelines for payout
Insurance policies to fund the buyout
Binding nomination for appointor roles

The result? If something happens to one of them, their families get paid fairly and quickly, and the business keeps running without interruption.

That’s what peace of mind looks like.

The Tax Trap: Why Estate Planning Also Saves You Money

Another benefit of proper estate planning is tax minimisation.

Dying without a will or without considering the tax implications of your structures can mean:

Unnecessary capital gains tax on asset transfers
Missed opportunities to create testamentary trusts for tax flexibility for your kids
Stamp duty liabilities where they could have been avoided

The right legal strategy can help keep more of your estate in the hands of your family - not the tax office.

Your Legacy Is More Than Property

We get it - you build things. But the most valuable thing you can build is peace of mind for your family.

When you pass away, the last thing your family wants to deal with is legal confusion, delays, disputes, or the risk of losing control of your life's work.

At what might be one of the worse times of their life, they need:

Clear instructions
Legal authority to act quickly
Protection from external claims
Access to the business bank accounts
Continuity of your legacy

We often say estate planning isn’t about dying - it’s about living. It’s about making sure your loved ones can live well even if you're not around.

Your Will Is Not a Set-and-Forget Document

Another trap we see often? Wills that are decades old.

The truth is, life changes. You buy new assets. You start (or exit) businesses. You update structures. You remarry. You have kids. Or grandkids.

We recommend reviewing your estate plan every 2 to 3 years, or when any of the following happen:

You start or restructure a business
You acquire or sell significant property
Your family dynamics change, including marrying or divorce
There are changes in the law that may affect your plan

A quick review could save your family years of stress.

The Developer's Checklist: What You Need to Have in Place

Here's a basic checklist of what you should have sorted if you're a developer or construction business owner:

A current, valid will that covers all your personal assets
Testamentary trust provisions for flexibility and protection
A corporate power of attorney (for your company roles)
Trust deeds updated with successor appointors
Shareholder agreements with death/disability clauses
Buy/sell agreement with valuation methodology and payment structure
Insurance to fund business continuity and estate payouts

Tick these off, and you're miles ahead of most business owners in your industry.

Key Takeaways

If you own a business, especially with companies or trusts, a standard will isn’t enough.
Estate planning is risk management for your personal and professional life.
Without the right planning, your business assets could end up in the wrong hands.
A proper will, trust review, and shareholder/buy-sell agreement are non-negotiable for developers and builders.
The earlier you sort this, the more options and control you have.
Keeping your estate plan updated is as important as having one.

Next Steps

Don’t leave your business or your family exposed. Book a free consultation with our commercial law and estate planning team today. We’ll help you get your will and business succession plan sorted so you can protect what you’ve built.

BOOK YOUR FREE CONSULT

About the Author: Erin Vassallo

Erin Vassallo is the Principal Solicitor and founder of Law Team, a values-led law firm with a strong reputation across New South Wales and Queensland. With over two decades of experience in commercial, construction, and property development law, Erin is a trusted advisor to developers, landowners, and business owners navigating complex projects and legal risk.

Her hands-on experience includes joint ventures, structuring development deals, contract negotiation, risk mitigation, and project governance across residential, commercial, and mixed-use developments. Erin holds qualifications in law, political science, mediation, and disruptive strategy (Harvard Business School) and is the founder of Certified BCorp Law Team, committed to ethical business practices and social impact.

FAQs: Frequently Asked Questions

Your estate will be distributed according to the intestacy laws in your state. This may not reflect your wishes and can create financial and legal burdens for your loved ones.
If you own a business or have assets in companies/trusts, a basic will is not enough. You need an estate plan that covers all of your legal structures.
The appointor controls who the trustee is. This role effectively controls the trust. If not addressed properly in your estate planning, control of the trust could pass to someone you didn’t intend.
Only if you have a buy/sell agreement and a shareholders agreement in place that outlines the process, valuation method, and timeline for payment.
It depends on your structure, but we offer packages tailored to business owners. It’s more affordable than you might think - and much cheaper than dealing with the fallout of bad planning.

Disclaimer: This article is general information only and cannot be regarded as legal advice as it does not take into account your personal circumstances. For tailored advice, please call us on 13 55 29 or email us at hello@lawteam.com.au.