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.
Access Legal NQ can walk you through the process of making a will for the first time or revising your current will. Take a moment to look at our reference guide that outlines the essential aspects that you should be aware of in making a will. Click here to read the guide – The 3 Essentials and 4 Impreratives of Making A Will.
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.
Contact us to find out more or to arrange an appointment to discuss your needs with one of our Townsville estate planning lawyers.