As a business owner, your time is incredibly precious. Between running your firm, connecting with your loved ones, and carving out time for your hobbies and interests, it’s easy to see how certain tasks – especially those that don’t seem immediately pressing – can fall by the wayside.

If this sounds all too familiar, then you’re not alone. Business & Finance reveals that 42% of Irish business owners feel they don’t have enough time in their working day.

In this instance, estate planning might seem like another time-consuming activity on a list that already contains too many items.

Simply put, this involves determining who will inherit your assets after you pass away and assessing your tax position. This could include:

• Writing a will
• Putting protections in place for your mental wellbeing
• Mitigating Inheritance Tax (IHT).

Yet, as we’ve explored in a previous article, there are several vital reasons why business owners need to pay greater attention to their estate planning.

Read more: 2 key reasons for business owners to spend more time on personal estate planning

With this in mind, continue reading to discover six estate planning tips you could employ if you’re a time-poor business owner.

1. Start early

While it’s never too late to start working on your estate plan, starting early typically puts you in the strongest position.

Indeed, you never know what lies around the corner, and a serious illness, incapacity, or even a sudden passing can happen without warning.

Granted, it is challenging to think about these topics, but leaving things too late could put you or your loved ones’ financial security at risk.

For instance, if you suddenly lost mental capacity and were unable to manage your affairs, an Enduring Power of Attorney (EPA) could ensure your assets are dealt with by someone you trust. But you need to have created your EPA before such an event occurs – once you lose capacity, it is too late to register one, complicating your financial situation further.

Similarly, your will ensures that your assets are distributed according to your wishes should you pass away unexpectedly, preventing confusion or disputes after you’re gone (more on this later).

Dealing with these elements of your estate plan early could give you room to build a more detailed strategy over time. In turn, this may make the whole process more manageable and less disruptive to your busy lifestyle.

2. Treat your will as a “live” document

Once you’ve created your will, it’s tempting to file it away and consider it a job well done. In reality, it’s vital to view your will as a “live” document rather than a finished article.

Major life events, such as welcoming a new child into the family, divorce, or a change in your financial situation, all warrant a review of your will.

If it isn’t updated accordingly, it may no longer reflect your wishes.

For example, failing to include a newborn grandchild could leave them without a share of your estate. Or, if you’ve divorced but not updated your will, part of your estate may pass to your former spouse.

Of course, regularly reviewing your will might seem low on your list of priorities when you’re so busy. Still, even just taking time once a year to ensure it remains current could help you avoid time-consuming complications in the future.

3. Consider your tax position

You likely want as much of your hard-earned wealth to pass to your loved ones as possible. This is why, as a business owner, it’s essential to be aware of how your estate might be taxed, and whether there are ways to reduce this.

In Ireland, any portion of your estate that exceeds certain thresholds is typically taxed at 33%.

For instance, as of 2025/26, your child could inherit up to €400,000 tax-free. Anything above this could be subject to tax.

This can quickly add up, but there are ways to plan ahead and reduce your liability.

One option could be to use Retirement Relief and/or Entrepreneur Relief which can reduce the tax you pay if certain conditions are met.

Or, you could consider placing assets in a Trust or Family Partnership, both of which potentially offer tax advantages. These options work differently and suit different strategies.

Just keep in mind that you should consult your tax adviser, accountant, and your financial planner before making any decisions.

4. Have an open conversation with your beneficiaries

Perhaps one of the more overlooked, yet still effective, elements of estate planning is simply having an open and honest conversation with your beneficiaries.

Even if you find it uncomfortable to discuss your own mortality, these communications could prevent confusion, disappointment, or conflict later down the line. Explaining your intentions now could allow your loved ones to understand your decisions, ask questions, or raise any concerns.

It might also temper your beneficiaries’ expectations so no one makes significant financial decisions based on an inheritance that might never materialise.

While this dialogue can potentially help prevent disputes in the future, it can also bring some much-needed peace of mind to your family, especially when your personal and business finances might be intertwined.

5. Keep things simple by focusing on the “why”

If you’re already busy, the idea of estate planning can seem overwhelming. Your mind might immediately think of thick folders of paperwork, endless calls with your solicitor, and hours spent considering your tax liability.

It doesn’t need to be this way, however, as you could instead keep things simple and focus on the fundamental “why” behind each element of your estate plan.

Indeed, you could ask yourself:

• “Why do I need a will?”
• “Why do I need an EPA?”
• “Why should I consider placing my wealth in a trust?”

Focusing on these big “why?” questions could allow you to cut through the noise and concentrate on what’s genuinely important to you.

This could help you make decisions faster and more confidently. It might also prevent you from getting too bogged down in the irrelevant details.

6. Work with a financial planner

Of course, even with the best intentions, implementing these estate planning tips can be challenging if your schedule is already full.

This is where working with a financial planner – especially one who specialises in supporting business owners – can make a difference.

At iQ Financial, we work exclusively with business owners who need help planning their estates. This means we understand the unique challenges you face, including the limited time you may have available.

With our help and the support of your accountant, tax adviser, and solicitor, you could streamline the entire estate planning process. We can help you identify your goals, create a plan that reflects your personal circumstances, and ensure it continues to reflect your situation over time.

Most importantly, we can handle most of the heavy lifting, allowing you to focus on running your business.

To find out more about how we could support you, please email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.