Estate and succession planning involves more than just preparing a Will. It’s making a plan for distribution of your assets (money, property, vehicles and possessions etc) and the running of the family business, or an enterprise, after you die or if you become incapacitated.
Here is what each means:
- Estate Planning: Is about deciding what should happen to your money, house, car, and other things you own when you pass away or become incapacitated. Consideration is given to your Will, any Trusts, who the beneficiaries are, what your assets are, Power of Attorney documents, superannuation, and life insurance. We can help you draft a Will to say who gets what, or alternatively we can assist you to set up a trust.
- Succession Planning: Is about planning for the operation of a business, or enterprise, when you pass away or become incapacitated. If you own a business, we can help you make a plan for who should take over and run your business when you decide to retire, or if something happens to you. It helps the business keep going and your employees keep their jobs.
In simple terms, both of these planning types are about making sure your wishes are followed and your loved ones or business are in good hands when you’re no longer able to take care of those things yourself or when you die. It’s like making a roadmap for the future and may include considering the following, or a combination of, these legal documents (relevant mentioned services):
- Testamentary Trust
- Enduring Power of Attorney
- Advance Health Directive
- Superannuation Binding Death Nomination
- Other Trust structures
- Life Insurance
Estate and Succession planning often involves working alongside your Accountant and thinking “outside the box”. Our experienced team will work with you to create a strategy based on what you wish to achieve. This strategy can include investment goals, maximising the amount your beneficiaries will receive and reducing the tax impact. Our team 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. Our experienced team is committed to providing you with peace of mind through careful and considerate planning and discussing the critical matters with you and your financial advisor. We understand that every family’s situation is unique and we tailor our solutions to meet your specific needs and goals.
Advice you can trust
Ready to take the first step toward a secure future for your loved ones? Contact us for a confidential consultation. We’ll listen to your concerns, answer your questions, and provide a clear roadmap for your estate and succession planning needs. Your legacy is our priority.
How can I minimise taxes on my estate?
Effective estate planning strategies may include using trusts, making tax-effective gifts, and taking advantage of tax concessions like the capital gains tax (CGT) principal place of residence exemption.
What is a Power of Attorney, and why should I consider it?
A power of attorney allows you to appoint someone you trust to make financial or legal decisions on your behalf if you become unable to do so. It’s important for managing your affairs in case you become incapacitated.
Can I protect my family's inheritance from legal disputes?
Yes, you can take steps to minimise the risk of family disputes over your estate by having a clear and well thought out estate plan. This will need to be tailored for your particular situation.
How does superannuation fit into estate planning?
Superannuation can be a key consideration in estate planning. You can nominate beneficiaries for your superannuation and it doesn’t have to always form part of your estate. Proper nominations are important for directing these funds correctly so as to meet your wishes.
What is business succession planning, and why is it essential for business owners?
Business succession planning involves preparing for the transfer of business ownership and control. It’s essential for business owners to ensure a smooth transition, especially if family members or partners are involved.
How can I provide for family members with special needs in my estate plan?
Establishing a special needs or protective trust (also called a disability trust) can help provide for family members with special needs.
When should I review and update my estate plan?
We recommend reviewing your estate plan whenever there is a significant life event, such as marriage, divorce, birth of children or grandchildren, or changes in your financial situation or wishes.
