Wills and Estate Planning
It is not nice to think about, but inevitably one day you will die. It may be after a long period of illness during which you are incapacitated, or it may be sudden. If you suddenly got sick or died, what situation would your family be left with?
If you run a business, one day you will want to retire, or be forced to leave due to age or illness. Whether you sell up, retire and close the business, or step aside for someone else, it is very important to have a succession plan in place that makes the transition easy. Not only for yourself, but also for your family or employees. A succession plan would also deal with contingencies, such as you having to leave the business suddenly.
Estate planning goes beyond drafting a will; it includes:
- the assessment of assets
- the assessment of digital assets
- the assessment of debt and how it will be paid
- the assessment of life insurance
- the assessment of likely taxation
- advice regarding the possibility of claims against your estate
- the protection of assets
- guardians for your children, and
- potentially setting up trusts.
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- newly married couples or those separating and/or divorcing
- a change to the family’s assets
- changes to superannuation, insurance policies, or taxation levels
- the establishment of discretionary trusts
- the growth or sale of a business
A successful succession plan for a business is made involving all family members as it will take into account not only provisions for your retirement income, but also the plans, aptitudes and existing assets of younger generations.