ESTATE & SUCCESSION PLANNING

We can help you to identify potential threats to your estate or business and help you to liaise with legal professionals, and other experts. 

This can ensure that there are no nasty surprises waiting for you, or your family, in the event of your death or choosing to exit a business partnership.

Many of us aware of how a will decides who out assets go to after we die but it is a little more complex than this. Drafting any legal document is the duty of a trained legal professional and we have people who we can direct you to depending on your needs. There are a few key concepts that you should familiarise yourself with so you can ask the right questions.

Wills

This is a legal document that dictates your wishes in the event of your death. An executor who you nominate would be responsible for fulfilling your wishes as per this document so it is import that this person is someone you trust and who is also good with paper work etc. If you have under age children your will dictates who you wish to look after them in the event you are not able to and how they might fund their school fees and living expenses. This is where a skilled lawyer can help you draft will that may include a testamentary trust that will provide both security and tax benefits to your beneficiaries.

Powers of Attorney

A power of attorney is a powerful document that allows a person you nominate to make decisions for you if you are unable to. This could be used for critical financial documents or something as simple as changing a pay TV subscription that is only in one name. This could be for medical reasons if for some reason you are incapacitated or not of sound mind. Another possible reason is that you need to make changes and are simply out of town, this is a common practice for fly in fly out workers who are away on long stints and would like to nominate someone to sign documents on their behalf.

Succession Planning

Often in business people put a lot of thought about how they might start up a company and who they go into business with but not how they might eventually exit that business. Setting a clearly defined structure for who owns what portion and agreeing upon a method for how the business is valued is just as important. This can make exiting the business a much simpler process in the event you retire or die suddenly. If done correctly an agreement can remain valid for many years as stock, cash flow and profit fluctuates year on year.

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Schedule your Initial Strategy Session and start the process towards growing your wealth today.