Estate Planning
Estate planning and succession planning are generally not the topics that many people enjoy considering. However, proper planning for the distribution of your assets to your loved ones, including smooth transition of the control of your business or family trust (if any) to the next generation, is important to eliminate the risk of conflict and costly disputes in the future.
Estate planning is about more than just preparing a valid Will.
Your Will is the cornerstone of your Estate & Succession Plan. It outlines how you wish for your personal assets to be distributed and how your children are to be cared for, however your will cannot deal directly with your superannuation benefits. For this reason, having a simple Will prepared to manage your Estate is generally not enough to ensure your assets and interests are handled according to your wishes. What is actually required is an Estate & Succession Plan
A good estate plan can:
• ensure the ownership and control of your assets passes to your intended beneficiaries in the right proportions
• minimise the tax impact on your estate and beneficiaries
• ensure your estate is administered in a cost efficient and timely manner
• protect assets if a beneficiary is involved in any legal difficulties (for example, bankruptcy or divorce) or under a legal disability.
Essentially, a good estate plan can provide you with peace of mind and help avoid potential complications for your beneficiaries.
Developing an effective Estate and Succession Plan is all about asking the right questions
How do I give my assets to my intended beneficiaries in a tax effective manner? Who will succeed me in my business or corporate interests? Could my Estate by challenged? We can help you to ask the right questions, to ensure your assets and interests are distributed according to your wishes.
Next Steps
Contact us today to discuss your Estate Planning requirements, and ensure that your interests, and the interests of your intended beneficiaries, are handled according to your intentions.