What Is Succession Planning?

A day will come in everybody’s life when we will not be able to give the financial, emotional and health security to the people we love most, whether through accident, disease or death. A well-formed succession plan can provide you the peace of mind that your family will be supported for as you planned. You can set up and fix arrangements in place to help protect their future. This is especially required if you care for dependents.

More About Succession Planning

The Succession Planning Process is a three-part process that includes:

- Recognition of personal assets and those in your broader estate like assets owned in partnerships, or owned by trusts or companies.
- Recognition of possible risks which includes, for example, your early death, the potential divorce or bankruptcy of a beneficiary.
- The design and execution of a plan that includes all your assets and takes into account flexibility to fit and serve future changes, tax minimization, risk minimization and succession issues.

Every step is a multi-disciplinary task that will generally need the cooperative participation of your financial planning, accounting and legal advisers.

Our Role In Succession Planning Process

At Estate Planning Lawyers Perth, we will evaluate your personal situations and help you to formulate suitable and successful succession plan.
We will work jointly with your other professional counsellors like your accountant, insurance adviser, financial planner to make sure that your succession plan is integrated and comprises all bases.
We will help to make sure that your dependents are observed throughout no matter what happens in their lifetime.

As portion of the estate planning process we will talk about your assets, including superannuation. This will involve determining whether:

A death benefit is payable.
If you can direct the payment of your super benefits to your selected beneficiaries.
The potential tax consequences of a super death benefit payout.
Whether your superannuation can be formed to give an on-going pension income for the well-being of your dependent.

Get in Touch

For any further queries regarding succession planning process or for formation of succession plan, feel free to call us – Estate Planning Lawyers Perth on our provided number, or you can send us an email and our team will contact you soon. Give us a chance to help you construct a better future for your loved ones.

FAQ's

What is succession planning, and why is it important in WA?

Succession planning is a legal and strategic process that ensures your assets, business, and financial affairs are managed or transferred smoothly after your death or incapacity. In WA, proper succession planning helps minimise disputes, protect beneficiaries, and maintain financial stability.

What documents are included in a succession plan?

A complete succession plan may include a Will, Enduring Power of Attorney, Enduring Power of Guardianship, Advance Health Directive, and business succession documents. Estate planning lawyers can help you create a customised plan based on your needs.

How is succession planning different from estate planning?

Estate planning focuses on distributing your assets after death, while succession planning ensures the ongoing management and transition of assets, businesses, and responsibilities during your lifetime and after. Both work together to secure your future.

Do I need a lawyer for succession planning in Western Australia?

Yes. Succession planning involves legal, tax, and financial considerations. An experienced estate planning lawyer in Perth ensures your documents comply with WA laws and reflect your wishes accurately, reducing risks of disputes or invalid documents.

When should I update my succession plan?

You should review your succession plan after major life changes such as marriage, divorce, business changes, property purchases, having children, or changes in financial circumstances. Regular reviews ensure your plan remains valid and effective under WA laws.