What Is Estate and Succession Planning?
Estate planning refers to the process of planning ahead for the efficient transfer of a person's assets upon their death.
Is Estate Planning the Same as a Will?
Estate and succession planning involves more that just preparing a Will. It may include considering Testamentary Trust, Enduring Power of Attorney, Advance Health Directive or a Superannuation Binding Death Nomination or any combination of these legal documents. Transitioning a business or estate involves identifying a successor. Neglecting the vital steps in estate planning can provoke difficulties.
True succession planning often involves working alongside your Accountant and thinking “outside the box”. We will collaborate with you to formulate a strategy based on what you wish to achieve. This strategy can include objectives involving investment goals, maximising the amount received by beneficiaries and reducing tax impact. Kennedy Spanner can also assist with updating or drafting a Will, which incorporates your succession management plans.
A number of complicated matters can arise during estate planning including stamp duty, capital gains tax and possible challenges to your estate. We can discuss some of the critical matters with you, and assess your situation in depth. Disposing of all assets to entities, which you control, and a cost benefit analysis are also key components in a successful succession planning strategy.
Our team of experienced lawyers can help you devise a comprehensive corporate or family business succession plan, detailing how you would like your assets to be effectively distributed.
For a free initial telephone discussion with an experienced Wills and Estates Lawyer, telephone our Brisbane office (07) 3236 9169 or complete the case review form on this page.