Relationships with your Successors – start an estate and business succession plan NOW

Posted by Malcolm Campbell on 09 November 2016
Relationships with your Successors – start an estate and business succession plan NOW

Despite the huge focus these days on the importance of life planning – whether it be education, career and/or financial and retirement planning -  the NSW Trustee & Guardian suggests that more than 45% of Australians do not have a valid will.

For one reason or another estate planning seems to be one of those areas that everybody knows they should attend to but will typically just put it off until another day. It seems we know that death is a part of life but take the attitude that it won’t happen to us, well at least not in the near future.

Putting in place carefully thought out and well crafted estate planning documents should be high on every adult’s agenda no matter their age. With deceased estate litigation on the rise, soaring prices of real estate in Australia and the ever increasing phenomena of blended families it is critical to ensure that there is a well thought out and properly structured estate plan in place.

A proper estate plan is even more important where there is a small business in operation. With over 2 million small businesses operating in Australia, each and every small business operator needs to think very carefully about how they are going to extract the maximum value for their business when it comes time to retire or what may happen if tragedy should strike before then.

Much like an investment strategy, your estate plan should be an evolving and dynamic process. It will change and develop as you move through the different phases of your life and it should be updated as and when your circumstances change. While everybody expects to live well into old age, the reality of life is that for some it does not happen that way. Tragedy will often strike without warning and if there is not an existing estate plan in place it is often too late to do anything about it once the reality of the situation becomes apparent. In these circumstances the lack of a proper estate plan only adds to the complexity, stress and tragedy of the situation.

While an estate plan is very important and needs to be thought through carefully and professionally crafted, putting an estate plan in place does not have to be  an expensive or difficult exercise.

The expert team at Dooley & Solicitors can help guide you through the process of implementing a proper estate plan. We can develop a plan that is tailored to your circumstances, which will deliver exceptional value for money, ensure your needs are met during your life and that your legacy is maximised. Let us help guide you through the process of estate and business succession planning so you can move forward with clarity and confidence.