What is Succession Planning?
PLANNING AND PROTECTION FOR THE PRESERVATION AND TRANSFER OF WEALTH
It is vital for every individual to have their financial affairs professionally reviewed. From the most modest asset base, to complex corporate structures and family trusts. Every individual’s situation can potentially involve disputes, either during life or after death, that may prevent the smooth transfer of your assets in accordance with your wishes.
Ask yourself these questions:-
- If I die, what happens to my assets?
- Does my Will reflect my current intentions? and have tax effective structures been built into the Will?
- Do I have enough life insurance and superannuation to preserve my assets for the beneficiaries of my estate?
For people involved in the running of a business:-
- Would my death cause financial hardship to my business partners and surviving family members?
- If I have a major illness and I am unable to temporarily or permanently manage my own affairs, who will pay my bills for me, and who will decide what accommodation and/or medical treatment is appropriate for me?
If any of your answers to the above questions are "I don't know" then you should contact our experienced team of solicitors at Meehans today for an appointment so that you can be sure that your affairs are in order, and your assets protected.
It is important to remember not to leave it too late. They key to succession planning is being proactive rather than reactive. There is no limit to the amount of times you can update your Will and in fact, you should have your Will regularly reviewed to ensure it is current and meets your needs.