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.
See our Wills FAQs.
If you feel someone has left you out of a will unfairly or inadequately allowed for your interests, it may be possible to challenge the will.
In NSW in particular, there are strong grounds under the terms of the Succession Act 2008 to challenge the will of someone on whom you were dependent or closely related to, should that person fail to adequately provide for you in their estate. Obviously this depends on the individual circumstances of each case. We are happy to speak to you and review your position.
Contact us to find out more or to arrange an appointment to discuss your estate or issues related to wills.