Estate Planning


Family Succession Planning

Most of us have our hands full with life and the immediate needs to look after our families. When children and grandchildren are a part of the picture it becomes a whole new story. When you think about the growing number of blended families in Australia today, possibly with more than one major asset, it becomes quite complex to ensure that you are making provisions for your beneficiaries that withstand any challenges to your Will intentions.

Family Succession Planning is also called Estate Planning and requires an in-depth knowledge of the financial and legal considerations to achieve provisions in your Will that enable you to leave the legacy you want. To get you thinking, here are some of the most important things you need to do and think about to make your Estate or Family Succession Planning work for you the way you want it:

  • Making a Will and keeping it up-to-date – about 45% of Australians die without a Will (source: Australian Bureau of Statistics) and families and their dynamics change over time
  • Providing for your dependants – the ones that are left out may contest your Will
  • Considering the taxation requirements in bequeathing assets to beneficiaries – eg capital gains tax and tax on superannuation benefits
  • Choosing the executor(s) and granting them adequate power – having a beneficiary as the executor of your estate could turn ugly for the rest of your family.

If that got your head spinning, stop right there… we can help you make sense of it all for your individual situation, as not one size fits all. Call us now on 1300 416 590 for a FREE no-obligation chat to discuss your estate needs and intentions. Our Team will help you to review your current situation and discuss your options. More importantly, we can help you gather the information required to prepare a brief for your lawyer, including those from other professionals like your accountant. That way YOU won’t leave it to chance and have a clear direction for posterity.


Business Will Planning

Unlike a personal will, a Business Will is rarely in the form of a single document. It requires a forward thinking approach to protect the business and its operators against possible adverse future events, which could in turn affect the lives of not just one family. Therefore a Business Will comprises all of the planning relating to:

  • The formation and structure of the business
  • Subsequent changes in the structure – e.g. shareholdings and partnership shares
  • Protecting the assets of the business – both tangible and intangible
  • Succession and exit planning – including insurance needs to allow the business to continue if one of the partners dies unexpectedly.

It is absolutely vital that proprietors and controllers of a business take the time to plan in these areas. Forward planning of this sort is every bit as important for small businesses as it is for larger companies and public listed companies.Many small businesses have failed over the years due to poor planning when a partner or partners have met with an unforeseen event and they have failed to construct their Business Will correctly.

Call us on 1300 416 590 to make sure it doesn’t happen to your business or family. Make an appointment for a FREE no-obligation chat to discuss your business situation and what you can do secure its survival.

Disclaimer: The information (including taxation) on this site is general in nature, for Australian residents only and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.