This article was written by Michael McDonnell, Principal at Results Legal. As a key partner in the delivery of the Queensland Regional Forum Series, Results Legal brings valuable insights to our members on intergenerational wealth - a hot topic at this year’s Forum.

In the 1990’s, a Queensland dairy farmer made a heartfelt decision. Wanting to keep the family farm in the bloodline, he transferred it to his son for $1, trusting that his son would later compensate his daughters in line with his will. It was a verbal agreement, one made in good faith but never documented.

Years later, that decision unravelled into a painful legal dispute involving all three siblings and their elderly mother, who was drawn into the proceedings as executor. The emotional toll was immense. The financial cost, significant. And the once close-knit family was left fractured.

This story isn’t just a case study, it is one of many real-world examples we’ll explore at the upcoming CA ANZ Regional Forums in Cairns (26 August) and Townsville (28 August).

With over $5.4 trillion expected to change hands in the next two decades, and family businesses making up 70% of all Australian businesses, the stakes have never been higher. Accountants - often the most trusted and long-standing advisors, are in a unique position to help clients avoid the pitfalls of informal succession planning.

The forums will explore:

• Why wills alone are not enough
• The risks of handshake deals and undocumented promises
• How to identify succession risks early
• The role of accountants in prompting formal planning and protecting family harmony

Even the best intentions can lead to unintended consequences without proper documentation and professional guidance. As advisors, we have a duty to help our clients formalise their plans - not just for peace of mind, but for the wellbeing of future generations. Succession plans must be fit for purpose now and into the future. Traditional wills alone are inadequate for modern family enterprises and jointly owned entities and assets.

This is especially true in regional areas, where family-run agribusinesses are the backbone of local economies. In our recent review, 35% of succession disputes involved agribusinesses, with most cases arising outside South East Queensland.

Whether you’ve experienced the fallout of a family business dispute firsthand, or work with families who could face similar challenges, these forums offer practical insights and tools to help you guide your clients with confidence. The conversations we start now could be the difference between preserving a legacy or watching it unravel.

Register now for Cairns or Townsville and access the early bird discount before Thursday 31 July. 

Time is running out to secure your place at the Far North Queensland Forum 2025 in Cairns and to take advantage of early bird pricing.