It’s not pleasant to think about our own death, however, it is important to plan in advance and have a valid Will to ensure that assets and personal belongings are protected and distributed in accordance with your wishes.
A Will is a legal document that sets out how you want your assets and possessions to be distributed when you die. If you do not have a valid Will your assets will be distributed in accordance with the current Victorian legislation and may not be given to the people you would have chosen.
Succession Planning for your Business or Farm
Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether it’s by selling, retiring, leaving for health reasons, injuries or death.
It is very important to have a succession plan in place to make the transition easy, not only for yourself but for your family and/or employees. Having a formal succession plan in place minimises the risk of having to sell your business or farm against your wishes if/when you are no longer able to continue working.
Estate planning can be complicated and daunting however, our lawyers will guide you through the formal legal process to ensure that your assets are accurately assessed and protected.
Our team will assist you with:
- The assessment of your assets
- The assessment of any likely taxation liability
- Advice regarding the possibility of claims against your estate
- The protection of your assets
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.
Re-evaluating your estate when circumstances change
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
Contact us for more information or to arrange a consultation