Practical examples of last will and testament examples for business owners

Real‑world examples of last will and testament examples for business owners

Most business owners don’t want theory; they want to see how other founders actually structure their wills. Below are several realistic examples of last will and testament examples for business owners, written in plain language you can adapt with an attorney.

These are not copy‑and‑paste templates. Think of them as models that show how different goals translate into will clauses and supporting documents.

Example of a will for a single‑member LLC owner

Picture a solo consultant who owns a single‑member LLC. Her main worries: keeping client contracts alive, paying taxes, and getting cash to her spouse without forcing a fire sale.

In this kind of scenario, the best examples of last will and testament language usually:

• Identify the LLC interest as a specific asset ("all of my membership interest in Evergreen Strategy LLC")
• Name a business executor or separate successor manager distinct from the personal executor
• Authorize that person to run, sell, or wind down the LLC
• Coordinate with an operating agreement that already names a successor manager

A typical clause might read, in simplified form:

“I give all of my membership interest in Evergreen Strategy LLC to my spouse, Sarah, subject to the authority of my Executor to continue, manage, or sell the company for up to 18 months after my death. My Executor may appoint an interim manager to operate the LLC, renew contracts, and pay business obligations.”

This is one of the cleaner examples of last will and testament examples for business owners who are essentially a one‑person shop. The will doesn’t try to micromanage operations; it just hands the legal keys to the right person and gives them power to act.

Example of a will for a family‑owned S‑corp

Now imagine a second‑generation family S‑corporation: a closely held manufacturing company with three siblings as shareholders. One sibling, Alex, is the CEO and majority owner. Alex wants voting control to go to the sibling who runs the company, but wants economic benefits to reach all kids equally.

In many of the best examples of last will and testament structures for this kind of business, the owner will:

• Separate voting control from economic ownership
• Use a trust to hold shares for younger children
• Coordinate with an S‑corp–friendly trust (QSST or ESBT; see IRS guidance at irs.gov)

Sample approach in plain English:

“I give all of my voting shares in Horizon Fabrication Inc. to my sister, Maria, if she survives me. I give all of my non‑voting shares to the Horizon Family Trust for the benefit of my children. My Executor shall take all steps needed to convert shares and maintain the corporation’s S‑corporation status.”

Here, the will uses the corporate structure itself to keep the operator in charge while still spreading wealth. This is one of the more sophisticated examples of last will and testament examples for business owners because it balances control, taxes, and family politics.

Example of a will for a 50/50 partnership with a buy‑sell agreement

Two friends own a 50/50 professional services firm. Their partnership agreement includes a buy‑sell: if one dies, the survivor must buy the deceased partner’s interest at a set formula price, funded by life insurance.

In this case, the will shouldn’t fight the buy‑sell; it should echo it. The best examples of last will and testament language here:

• Confirm that the ownership interest is subject to the buy‑sell
• Direct the executor to cooperate with the sale
• Clarify where the sale proceeds go

A streamlined clause might say:

“I give my entire partnership interest in Northline Advisors, LLP to my estate, subject to the terms of the Partnership Agreement and Buy‑Sell Agreement dated March 1, 2024. My Executor shall promptly complete the sale of my interest to my surviving partner under that agreement. The net proceeds shall be distributed to my spouse.”

This is one of the clearest examples of last will and testament examples for business owners with a 50/50 structure: the will doesn’t pretend to rewrite the buy‑sell; it simply directs the money to the right heir.

Example of a will for a tech startup founder with vesting and investors

Startup founders often forget their cap table even exists when writing a will. That’s a mistake. You might have:

• Unvested shares or options
• Investor rights (ROFR, drag‑along, tag‑along)
• A board that controls key decisions

A realistic example of a last will and testament for a venture‑backed founder might:

• Acknowledge that the shares are subject to the stockholders’ agreement
• Name a voting proxy or recommend a board‑friendly successor
• Direct the executor to sign any post‑death consents the founder would reasonably have signed

Illustrative language (simplified):

“I give all of my shares of Series A Preferred and Common Stock of Atlas Metrics Inc. to the Atlas Founder Trust for the benefit of my children. These shares remain subject to the Stockholders’ Agreement and any vesting or repurchase rights then in effect. My Executor is authorized to execute any consents, waivers, or documents reasonably requested by the Board of Directors or investors to maintain the company’s operations and financing.”

Among real examples of last will and testament examples for business owners in the startup world, the goal is less about micromanaging and more about not blocking financings or exits that might occur after your death.

Example of a will for a professional practice (doctor, lawyer, CPA)

Professional practices add another layer: licensing and ethics rules. A law firm partner can’t just leave her partnership interest to a non‑lawyer spouse. A physician can’t leave a medical practice to someone without a license.

The best examples of last will and testament structures for licensed professionals usually:

• Direct the sale of the practice interest to other licensed owners
• Comply with state bar or medical board rules
• Provide for a short transition period to wind down or transfer patients/clients

A practical clause might look like this, in plain English:

“I direct my Executor to sell my partnership interest in Riverstone Cardiology Associates, PLLC to one or more of the remaining physician‑partners, consistent with the practice’s Operating Agreement and applicable medical board rules. Until such sale is completed, my Executor may cooperate with the practice to arrange coverage for patients and collect accounts receivable. The net proceeds of any sale shall be distributed to my spouse.”

If you want to see how professional rules interact with estate planning, resources like state bar associations or medical boards (for example, the American Bar Association at americanbar.org or state medical boards listed via fsmb.org) can help you and your attorney structure compliant language.

Example of a will for a real estate holding company owner

Real estate investors often use LLCs or limited partnerships to hold properties. The will needs to decide whether heirs inherit entities or individual properties, and who makes management calls.

In many real examples of last will and testament examples for business owners in real estate, owners:

• Leave membership interests in a holding company to a trust
• Name a manager (often a professional property manager or experienced child)
• Grant the executor power to sell specific properties to cover estate tax or debt

Sample approach:

“I give all of my membership interests in Harborview Properties LLC to the Harborview Family Trust. My Executor may direct the Manager of Harborview Properties LLC to sell any property if reasonably necessary to pay estate taxes, debts, or expenses, after first consulting with the Trustee of the Harborview Family Trust.”

Because real estate can trigger estate tax issues, it’s worth reviewing current IRS estate and gift tax thresholds at irs.gov and discussing whether your will should be paired with lifetime transfers or insurance.

Example of a will for a business owner using a revocable living trust

Many modern estate plans use a revocable living trust as the primary vehicle, with the will acting as a “pour‑over” backstop. For business owners, this can smooth transitions and avoid probate delays that could freeze operations.

One of the cleaner examples of last will and testament examples for business owners using this structure might:

• Transfer any leftover business interests into the revocable trust at death
• Confirm that the trust already owns most or all business equity
• Give the trustee authority to manage or sell the company

Simplified will clause:

“I give the rest, residue, and remainder of my estate, including any business interests not previously transferred to my revocable trust, to the Smith Revocable Trust dated June 10, 2023, as amended. My Executor shall cooperate with the Trustee to assign any membership interests, stock certificates, or partnership interests to that trust.”

Here, the real business planning lives in the trust document. The will is a safety net. For background on how wills and trusts work together, the American Bar Association’s consumer resources at americanbar.org are a solid starting point.

2024–2025 planning trends that shape these examples

The best examples of last will and testament examples for business owners in 2024–2025 reflect a few clear trends:

• Succession, not just inheritance. Owners are focusing less on “who gets my shares” and more on “who can actually run this thing for the next five years.” That’s why you see business executors, trustees, and managers named explicitly in modern examples.
• Coordination with operating and shareholder agreements. Courts generally enforce the company’s contract over a conflicting will. So current examples include cross‑references to operating agreements, buy‑sell agreements, and shareholder agreements instead of ignoring them.
• Use of trusts for control and tax planning. Even owners with modest estates are using basic revocable trusts or simple dynasty trusts to hold business interests, especially where minor children or blended families are involved.
• Digital and IP‑heavy businesses. Creators and SaaS founders now treat intellectual property, domain names, and online accounts as core business assets. Modern examples of last will and testament examples for business owners now list these explicitly and authorize executors to access digital accounts under laws like the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), adopted in many U.S. states.

For up‑to‑date legal context, looking at your state’s version of the Uniform Probate Code or RUFADAA (often found on state legislature or court websites, typically .gov domains) can help your attorney tailor these models.

How to adapt these examples of last will and testament examples for business owners

Reading examples is helpful. Turning them into a valid, enforceable document is another story. A few practical pointers:

First, inventory the business assets.
Spell out:

• Legal entity names and jurisdictions
• Ownership percentages
• Key contracts (leases, vendor agreements, financing)
• Licenses, permits, and professional credentials

Second, line up your documents.
The will should match what your:

• Operating agreement
• Shareholder or partnership agreement
• Buy‑sell agreement
• Trust documents

already say. If they conflict, your estate can end up in litigation.

Third, pick people, not just percentages.
The strongest examples of last will and testament examples for business owners focus on roles:

• Who can actually run the company for 6–24 months?
• Who should ultimately own voting control?
• Who just needs income, not decision‑making power?

Often, that means splitting roles between an executor, a trustee, and a business manager or board.

Fourth, plan for taxes and liquidity.
A paper valuation of your company doesn’t pay estate tax or bank debt. Many owners pair their wills with:

• Life insurance to fund buy‑sells or tax payments
• Authority for the executor to sell minority stakes
• Clauses allowing installment payments to heirs

The IRS offers general guidance on estate and gift tax issues at irs.gov, which you can review before you sit down with an attorney.

Finally, get jurisdiction‑specific legal advice.
Every example of a last will and testament here assumes U.S.‑style probate, but even within the U.S., rules vary by state. International owners face added layers: forced heirship in some countries, foreign tax rules, and cross‑border recognition of wills. That’s why these are examples, not ready‑to‑sign forms.

FAQ: examples of last will and testament examples for business owners

Q: Can I see a simple example of a last will and testament for a small LLC owner?
A: A basic structure might say, in plain terms: "I give all of my membership interest in [LLC Name] to my spouse. My Executor may operate or sell the company for up to 12 months after my death, and may appoint a manager to run the business during that time." Real examples of last will and testament examples for business owners then add details about debts, key employees, and what happens if the spouse doesn’t want the business.

Q: Do the best examples for business owners always use a trust?
A: Not always, but many do. A revocable living trust can avoid probate delays that might freeze your company’s bank accounts. In a lot of current examples of last will and testament examples for business owners, the will is a short pour‑over document and the heavy lifting happens in the trust.

Q: How do these examples include buy‑sell agreements and shareholder agreements?
A: Modern examples of last will and testament examples for business owners usually acknowledge that company agreements control transfers. The will says the interest passes “subject to” those agreements and instructs the executor to cooperate with any required sale or consent. Ignoring those documents in your will is a fast way to create a dispute.

Q: Are online templates safe for business owners?
A: Basic templates can be a starting point, but they rarely handle issues like voting control, professional licensing, or venture‑backed cap tables. A better approach is to read examples like the ones above, then work with an estate planning attorney who understands closely held businesses. Many state bar associations and law schools (for example, clinics listed via harvard.edu) offer referrals or low‑cost help.

Q: How often should I update my will as a business owner?
A: Most practitioners suggest reviewing your will and related documents whenever you have a major event: new funding round, new partner, divorce, birth of a child, or big change in valuation. The best examples of last will and testament examples for business owners are living documents; they evolve as your company and family do.

Bottom line: use these examples of last will and testament examples for business owners as a checklist and conversation starter, not as final legal text. The real value comes when you sit down with a qualified attorney, your operating agreements, and a clear picture of who you want running the business when you’re no longer around.