After the death of a business name holder
Key points:
- If you are managing an individual business name holder’s estate, you must appoint yourself as a ‘legal personal representative’. You will then be authorised to manage the business in the same way as a business name holder.
- If you believe you will inherit the estate, and no-one is acting as executor or in a similar role, you can tell ASIC that you are a ‘nominated successor’.
- If you have inherited the estate, you may need to transfer the business name.
- You should consider getting legal advice if you are not sure about your rights and responsibilities in these roles.
Managing an estate – legal personal representatives
If you are the executor or administrator of the estate of an individual business name holder who dies, or acting in a similar role, you must add yourself to the business names register as the legal personal representative. You must do this within 28 days after the grant has been made. See the steps below.
You must give us evidence of how you were appointed. For example, you can become an executor or administrator by a grant of probate, letters of administration or any similar grant.
Once you are on the register, it will show the business name is held by the estate of the deceased. You can manage the business name with the full authority of a business name holder.
You must keep your details on the register up to date and make any changes within 28 days of the change.
If a notified successor is currently listed on the register, they will be removed on your appointment.
People who may inherit assets – notified successors
A notified successor is someone who believes they will inherit the assets of an individual business name holder.
You can lodge a notice to add yourself to the business names register as a notified successor. See the steps below.
You can only become a notified successor if there is no executor, administrator or someone acting in a similar role. This could be from probate, the will, letters of administration or something similar.
To be appointed, you must tell us:
- that no-one has been granted probate, letters of administration or any similar grant
- that you have reasonable grounds to believe that you will inherit the assets
- your relationship to the deceased.
If we do not believe your claim is legitimate, we may refuse to add your details to the register.
If we add you to the business name register, you will be listed as the notified successor to the business name.
People will be able to see some of your details online on the business names register.
Once you are added to the register, you must make sure your details are kept up to date. Any changes must be made within 28 days.
If a legal personal representative is added to the register, you will be removed. Their appointment takes precedence over yours.
People who have inherited assets
If you have inherited a business from someone, you may need to transfer the business name registration. You will need your own ABN.
You do not need to follow the process below, but instead follow the process to:
How to notify ASIC of your role and changes to your details
Use the same process to add, remove, or change the details of a legal personal representative or notified successor.
Download and fill in the form
Download and print the form:
Change details of other business name representatives
Complete the relevant parts of the form.
If applicable, include the evidence described above, depending on your role.
Send us the form
You can email the form to BN.lodgements@asic.gov.au.
Or you can mail it to:
Australian Securities and Investments Commission
PO Box 4000
GIPPSLAND MAIL CENTRE VIC 3841