Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave.
Estate planning goes beyond drafting a will – it includes:
- The assessment of assets
- The assessment of likely taxation
- 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.
What is Probate? Click to read about Probate.
You want to do what right is by your family. You want to be fair. You make decisions every week, every month and every year which hopefully serve to promote not only your family’s safety and their happiness but also their financial well being. And it shouldn’t be any different when it comes to making your will. After all a will determines how your estate will be distributed to those you care so much about.
But for some reason a lot of us simply don’t get around to making a will. Did you know that approximately 50% of Australian adults do not have a current will when they pass away? Have you ever asked yourself: whatever happens in those situations? Who gets what? Does the absence of a will cause confusion, even conflict among family members.
You see, if you pass away without a will your estate is administered in accordance with what are called the ‘rules of intestacy.’ Those rules can be complicated. But worse, complying with those rules might mean that your estate is distributed in a way that is not to your liking at all. To ensure that this does not happen to you and your loved ones you should seriously consider making a will.
Sure, you could make your own or buy a will kit from the local newsagent.
At Lynch Law though we take the time to talk to you about what it is you want to achieve with a will. We can advise on the best type of will. For some that might mean setting up what is called discretionary trusts. For others it might be a whole lot simpler. Even so, why not draw upon our experience so that you get the best will possible. One that will do right by your loved ones. And while you are here, ask us about the benefits of appointing a trusted friend or family member as your attorney.
Contact us to find out more or to enquire about our 20 minute no obligation free interview with a solicitor.