Estate Planning and Business Succession

Estate Planning and Business Succession

Estate planning is the consideration of how your wealth and assets are to be distributed on your death – by your will.

Depending on your circumstances, you may have a relatively simple estate or you may have a more complicated estate, such as if you have multiple businesses or investments, if you have a blended family or have been divorced.

Assessing your assets is one aspect of the process however, there are many factors to be considered including the likelihood of claims on your estate either by creditors or family members, the financial positions of your beneficiaries, taxation issues and the estate planning and asset protection measures undertaken by your beneficiaries. It may be that you require a will with testamentary trusts.

In addition to contemplating your demise, attention also ought to be given to the question of who would take care of your finances or make decisions about your welfare if you were unable to do so, for example if you suffered a serious illness or injury. You can determine who would undertake these functions for you by having a power of attorney and appointing an enduring guardian.

As well as planning for the division of your own personal assets on your death, where a business is being undertaken through a structure such as a company, partnership or trust, the continuation of that business after your death can also be arranged through appropriate documentation in addition to your will.

These ‘business wills’ as they are sometimes referred to can be augmented by buy/sell deeds, shareholders agreements, partnership deeds and unitholders agreements as may be appropriate.

For more information in relation to business succession and your personal estate planning requirements, please contact us to arrange a confidential appointment so we can tailor our advice to suit your specific circumstances and needs.

Our recent estate planning blog posts

Selling your business?

So you have an offer to buy your business. How exciting! Although there may be agreement on the price being […]

Read More

Superannuation Death Benefit Nominations

Did you know that on your death, your superannuation balance will not necessarily be dealt with in accordance with your […]

Read More

Minimizing risk in your business

Running a business is risky and small businesses can be especially so. Minimizing risk in your business is crucial. Often, SME […]

Read More

Why you should look at your estate planning

There are at least 3 documents you should consider as part of your personal estate planning: A will; A power […]

Read More