
A current estate succession and business plan properly governs and regulates what will happen to the management of your affairs, assets and the distribution of your estate and business when you die or if you become totally or permanently disabled.
An effective estate plan includes a legally and tax-effective Will to protect your estate and the interests of your beneficiaries when you die.
With your Will, you can:
Jointly held assets, company property, trust assets, insurance proceeds and superannuation are not necessarily dealt with by the terms of your Will as these are not generally considered to be personal assets.
It is therefore important to consider and implement a comprehensive estate plan to ensure all assets are transferred according to your wishes in the most effective and efficient manner.
In summary, having your estate plan up-to-date and in order will:
An effective estate plan should also include the appointment of a person or persons you trust to manage your legal and financial affairs and make important decisions concerning medical treatment, hospitalisation or life-support in the event you become physically or mentally incapacitated. This can be achieved by is preparing an Enduring Power of Attorney (EPA) and an Enduring Power of Guardianship (EPG).
A business succession plan outlines: what will happen and who will take over your business when you become incapacitated or leave, whether by choice or by circumstance. The aim is to preserve value and provide the business with a smooth transition so that disruption and any loss in profit is minimised.
PROCESS OF BUSINESS SUCCESSION PLANNINGEach business is different, but you will likely need to consider:
We can help
These are complex issues spanning many legal, financial and administrative arenas. Balfour Meagher will make sure you have covered all bases and developed a specific plan addressing all known risks, issues and challenges.
Contact us to find out more or to arrange a consultation.
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