Succession Planning
Succession Planning
Detailed Succession Planning in Moruya
Whether you face retirement, health concerns or a property sale, having a succession plan in place can make an easy transition from you to others. Every effort should be made for your assets to be dealt with as planned by you.
What is Estate Planning?
Estate planning goes beyond drafting a will. It includes assessment of assets and likely taxation and protection of assets. We also offer advice regarding the possibility of claims against your estate by third parties.
Re-evaluations for Life Changes
We actively re-evaluate your estate when circumstances in your life may change. This can include events like a new marriage or relationship, divorce or a relationship breakdown and a change to the family’s asset pool.
If you experience a change in working conditions (i.e. buying or selling a business), superannuation, insurance policies or taxation levels, we can also help with your estate planning.
In addition, we also can help you re-evaluate the estate when you’re faced with the establishment of discretionary trusts.
A Family Affair
When you are forming a new plan, it is important to involve all family members. Whilst estate planning takes into account the provision for your retirement income, it also addresses plans, aptitudes and existing and future assets for you and younger generations. That’s why we strive to involve all family members during the estate planning process.
We provide competitive pricing in our field
Creating Wills and Probate
Make sure your family is financially taken care of after you are gone by making a legally binding will.
We can guide you with regard to your estate and probate laws, write a will that maximises the inheritance for your beneficiaries, set up family and testamentary trusts, help you select executors and guardians and advise in estate tax (including capital gains) and financial concerns.
We will also minimise the chance that your will is contested and subject to litigation and, at last, safely store your will and other important documents.
Power of Attorney & Enduring Guardian
A Power of Attorney is a legal document whereby one person grants another person the authority to make legal and financial decisions on his or her behalf. It can be used in several ways, from having another take care of your affairs whilst travelling to times of extended illness.
An Enduring Power of Attorney takes this a step further; the person nominated to manage the affairs (the “donee”) may continue to manage the affairs once the person giving the power (the “donor”) is found to have diminished mental capacity due to injury or illness. This arrangement can remain in place as long as the donor is still alive.
This document can be prepared in two ways: to come into effect immediately and to continue once the donor loses capacity or to come into effect at a future time (such as the onset of mental incapacity).In order to sign a Power of Attorney, the donor must be capable of understanding the nature of the document they are signing and its effects.
An Appointment of Enduring Guardian is a legal document whereby you grant the right to make decisions in regard to your health and living arrangements to another person. This comes into effect only when you are deemed to have lost the ability to make decisions for yourself.
It gives your family the right to speak to health professionals about your medical situation and make the decisions to carry out your medical wishes.
