Estate and Succession Planning

As you build your business and wealth, there may be limited time to focus on your succession or estate planning needs. However, overlooking this can cause unnecessary cost and angst.

The importance of having a valid Will in place can’t be overlooked. However, estate planning is more than just drafting a Will (although it's a good start).

Having a succession plan is also critical to ensure a clean and trouble-free transition in your business for when you take time away to enjoy what you have built.

It is also critical that these plans are regularly reviewed to ensure they remain fit for purpose. Nothing remains static and as things change, your estate and succession planning needs also change.

Ensuring your wishes are met with minimal tax outflows is critical in the design of your estate and succession plan. We work with you to design the plan that suits your unique needs and wants.

We work collaboratively with your legal advisor as they draft your estate and succession planning documents to ensure they support your estate and succession planning goals from a tax perspective.

Many people underestimate the complexity of their estate plan. Even someone with no assets can have estate planning issues particularly if they have insurance in superannuation.

Having a clear plan now means reduced angst and cost later. It helps to protect your legacy and build on the framework you have created. It also helps to minimise any unnecessary taxes that may apply.

A lot can happen in 20 years that can either invalidate your will or cause it to no longer reflect your wishes. Regularly reviewing your estate plan will ensure your plan remains appropriate to your circumstances and wishes.

Retirement can scare many business owners. However, having a clear plan around succession gives the opportunity to enjoy the fruits of the sweat equity you have built in your business and set it up for continued growth through successive generations.