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.
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- 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.