In our previous discussion, we addressed concerns about the potential misuse of life insurance payouts in a buy-sell agreement. To establish a more reliable succession plan, we’re exploring an alternative approach that incorporates Wills.
Here’s how it works: You and your business partner will still get life insurance policies, but with a twist. Instead of using the insurance money directly for the buyout, each of you will name your own family members as beneficiaries of the insurance proceeds.
In your Wills, you can bequeath your company shares to your partner if you passed away. But there’s a condition: your surviving partner must arrange a buy-sell agreement with your chosen representative, i.e. your executor.
According to this buy-sell agreement between your executor and surviving partner, your shares will be transferred to your surviving partner, with the insurance money covering the full cost. If there’s any shortfall payment, your partner will need to pay it in installments to your representative (whether 12 months or 24 months). Once all payments are made, your representative will transfer the shares to your partner as specified.
Let’s take Mr. Tiew and Ms. Lim, co-owners of a furniture company, as an example. They each get life insurance policies, naming their spouses and children as beneficiaries. In their Wills, they specify that their shares will go to each other. For instance, Mr. Tiew would leave his portion of shares to Ms. Lim. But if Mr. Tiew passes away, Ms. Lim must arrange a buy-sell agreement with Mr. Tiew’s executor. The insurance money be used as part payment towards the “purchase” of the shares, and any shortfall payment will be paid by Ms. Lim to Mr. Tiew’s estate. Once paid, Mr. Tiew’s executor will transfer the shares to Ms. Lim, completing the process.
This cost-effective approach ensures a smooth transition of ownership and financial security for both partners. However, it’s important to note that in the event your executor delays or omits to administer your estate, your surviving partner is clothed with the rights to challenge the executor of your Will, potentially causing delays in executing your estate plan. Therefore, for a more holistic approach, it is advisable to setup a buy-sell agreement and buy-sell trust while you are still alive, but of course, at a rather higher fee.
（第三篇）如何通过遗嘱设立企业股权买卖，实现企业传承?
在我们之前的讨论中，我们解决了关于在股权买卖协议中使用人寿保险的潜在风险的问题。为了确保企业有个安全的继任计划，我们可以考虑用另一个替代策略来确保企业续任，那就是通过遗嘱。
它是这样运作的：你和你的合伙人仍然需要购买人寿保险，但不同的是，你和你的合伙人都需要将自己的家庭成员命名为保险金的受益人。
在你们的遗嘱中，你可以将公司股份在你去世时留给你的合伙人。但有一个条件：你的幸存合伙人必须与你的执行人安排一项买卖协议。
根据你的执行人和你的幸存合伙人之间的买卖协议，你的股份将转移给你的幸存合伙人，保险金将会用来支付整个股份的价值。如果保险金不能完全支付股份的价值，你的合伙人将需要向你的执行人分期付款(12个月/24个月)。一旦所有款项支付完毕，你的执行人将会按照规定将股份转移给你的伙伴。
假设Mr. Tiew和Ms. Lim一起经营一家家具公司。他们每个人都购买了人寿保险，并将自己的配偶和子女命名为受益人。在他们的遗嘱中，他们规定，如果其中一人去世，他们的股份将彼此之间转移。例如，Mr. Tiew会将他的股份留给Ms. Lim。但如果Mr. Tiew去世，Ms. Lim必须与Mr. Tiew的执行者安排一项买卖协议。保险金将作为购买股份的部分支付，任何差价将由Ms. Lim支付给Mr. Tiew的遗产。一旦支付完毕，Mr. Tiew的执行者将把股份转给Ms. Lim，完成整个过程。
这种经济有效的方法确保了所有合伙人之间的顺畅过渡和财务安全。然而，值得注意的是，如果您的执行人延迟或忽略了处理您的遗产。您的幸存合伙人有权挑战你的执行人，这可能会导致延迟。因此，为了更全面地处理问题，建议在你还活着时就建立买卖协议和买卖信托，尽管费用会较高。
