Nobody likes to think about this too much, but over the years we have found that when someone feels they don’t have their affairs properly sorted, they often think of it all the more.
Attending to your estate planning allows you the peace of mind to know that loved ones will not be burdened with issues or uncertainty during difficult times.
Making sure you have created an one day you will have to leave your business, wherever it may be, whether by selling up, retiring or leaving for health reasons.
It’s important to have a succession plan in place to make the transition easy, not only for yourself, but also for your family or employees. A succession plan will minimise the chance of the business having to be sold when you leave.
What’s involved in estate planning?
Estate planning goes way beyond just leaving a will. It includes:
- Assessment of the scope and type of assets
- Assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- Protection of assets
- Financial and care Directives (Living Wills)
Estate planning also includes re-evaluating matters when there are substantial changes in life, such as:
- Newly-married couples or those divorcing
- A change to the family’s asset pool
- A change in working conditions, such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan normally involves your financial advisor and can in some circumstances involve family members. Contact us to find out more, or to arrange a consultation with an experienced estate planning lawyer.