It is very important to have a succession plan in place that makes for a smooth transition for your family or employees, while minimising the chances of needing to sell assets such as a business, house or farm.
Estate planning goes beyond drafting a will – it includes:
- The assessment of assets
- superannuation and trusts
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Newly married couples or those divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan 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.