Business Succession and Estate Planning – Why It Matters For You
If you’re an Australian business owner, you know all about hard work. Some 60% of Australian SMEs and start-ups fail…
Do you have a will?
If not, you are potentially leaving the people you care about - and the assets you’ve worked so hard to build - vulnerable. Avoid leaving the distribution of your estate in other hands. Instead, speak to a specialist estate planning advisor from our team and let’s ensure the right people are looked after as per your wishes.
Estate financial planning is more than ordering a will kit online and letting it sit under a stack of bills gathering dust.
When done properly, an estate plan protects your assets and provides for your family in the event of incapacitation or death. Good estate planning also ensures that ‘non-estate’ assets (including superannuation, life insurance, jointly owned assets and assets owned in a trust or companies) are dealt with according to your wishes. All this goes a long way in giving you peace of mind that, upon your passing, you continue to look after the people who matter most.
We understand why anyone would want to avoid thinking about this - it is a confronting subject. However, we have a highly experienced estate planning advisor here to make the process as seamless and considerate as possible.
An excellent financial advisor considers wills as part of a client’s overall financial plan. Our estate financial planning expertise examines every element to ensure you feel secure about your state of affairs. You can expect specialist advice on:
This is a process that involves managing your financial affairs to protect and distribute your assets according to your wishes upon your passing or incapacity. Key components include creating a will, setting up trusts, nominating beneficiaries, appointing a power of attorney, and establishing an advance care directive. Regularly reviewing and updating your estate plan ensures it reflects changes in your circumstances and provides peace of mind for you and your loved ones.
In Australia, it's advisable to start this process as soon as you have assets or dependents to consider. Major life events, such as getting married, having children, buying property, or starting a business, are common triggers for initiating the estate planning process. However, it's never too early to begin, as unexpected circumstances can arise at any time. By starting early, you can ensure that your assets are protected and your loved ones are provided for according to your wishes. Remember to regularly review and update your estate plan to reflect changes in your circumstances and financial situation.
In Australia, the cost can vary depending on various factors, mate. It all depends on the complexity of your estate, the specific services you need, and where you're located or the expertise of the professionals you engage. Generally, the cost of basic documents like a simple will can range from around AU$300 to AU$1,500. If you're looking for a more intricate estate plan involving trusts, testamentary trusts, or extensive legal advice, costs will increase.
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