Forward planning on death of a sole director or shareholder

Accountants and tax practitioners can glean much information about clients through their personal and business finances but as advisers we need more than just numbers to appreciate the client’s aspirations and objectives. Understanding family dynamics is fundamental to knowing clients well enough to provide valid and meaningful tax planning advice. Clients then become more than only numbers to us so it is always a little personal when they pass on.

I took over responsibility for Jim a larger-than-life farmer type no-nonsense character a couple of years ago. Jim was colourful in many ways and came with the complications of many modern families: two adult children from a first marriage an ex-wife and her new husband and Jim’s new wife. Having dealt with several clients who died intestate one of my first questions to every new client...