Drafting Your Will as a Business Owner in Nova Scotia

For business owners, a Will is not just an estate document — it is a component of your business succession plan. The decisions you make in your Will can determine whether your business survives your death or has to be wound up.

What Happens to Your Business Interest Without a Will?

If you die intestate, your business interest forms part of your estate and passes according to Nova Scotia's intestacy rules. Your Executor — appointed by the court rather than chosen by you — becomes responsible for managing or liquidating that interest. If your co-owners have no buy-sell agreement, they may find themselves in business with your heirs whether they want to be or not.

Key Questions for Business Owner Wills

Do you want the business to continue after your death? If so, your Will needs to give your Executor the authority to carry on the business rather than being required to wind it up immediately.

Who will inherit your interest? A family member may inherit your shares, but that does not mean they can or should run the business. Consider whether the business interest should be sold to your partners, converted to cash, or held in trust.

Is there a shareholders' agreement? A buy-sell clause in a shareholders' or partnership agreement may require that your interest be sold to the surviving owners on your death — sometimes funded by life insurance. Your Will needs to be consistent with these obligations.

Corporate vs. personal assets — assets held by a corporation are not part of your personal estate. Your Will governs your shares in the corporation, not the underlying corporate assets directly.

Executor Considerations

For a business owner, the choice of Executor is particularly important. Your Executor may need to make time-sensitive decisions about the business while the estate is being administered. Consider whether your chosen Executor has the knowledge and authority to do this effectively, or whether a professional Executor (a trust company) may be more appropriate.

When to Get Professional Advice

The estate planning aspects of business ownership can be complex — particularly where significant assets, multiple shareholders, or tax planning are involved. For straightforward situations, a Notary can prepare and execute your Will. For complex business succession planning, an estate lawyer and an accountant working together is the appropriate team.